An Extreme Way To Deduct Expenses Twice

A tax is a tax, but to a great extent, the estate tax and income tax stay out of each other’s way. However, there are some exceptions when there are unexpected outcomes when these two taxes intersect.

Future Expected Investment Strategy Determines Value of Family Limited Partnership Interest

The disagreement was on two issues, (1) the proper valuation method to be used, either the capitalization of dividends approach or the net asset value approach (NAV), and (2) the appropriate discounts if the NAV approach is used.

Would You Believe?


Caution With S Corporation Losses

The Tax Code allows you to deduct losses to the extent you have money invested in the S. If you try to deduct beyond that threshhold and it isn't your personal money, expect problems with the IRS.

Walk The Walk, Talk The Talk


If you spend 11 years leading a not-for-profit that does nothing, you can expect your 501(c)(3) status to be revoked by the IRS.

Personal Taxes

Ohio Capital Gains

Ohio Tries to Reach Into a Non-Resident's Pocket for Stock-Sale Capital Gains - and Loses Before the Ohio Supreme Court | | nopopup

Someone Fought Back Against Ohio – And Won

The underlying question in this case is "does the sale of stock in a business operating in a state where you aren't a resident obligate you to capital gains state taxes on that sale?"



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Can A Coffee Shop Be Tax-Exempt?

Giving away money will not transform a for-profit activity into a not-for-profit activity. Granted, you may get a charitable deduction, but you will be taxable.

Personal Taxes


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You Got Repossessed And The Bank Says You Have HOW MUCH Income?

The tax Code considers forgiveness of debt to be taxable income, as your “wealth” has increased - supposedly by an amount equal to the debt forgiven.

Personal Taxes

Tax deductions

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Deducting Everything - The Tanzi Doctrine

There is a long-standing doctrine that an employee is "in the business" of being an employee, but one still has to show some nexus between business expenses and being an employee in order to deduct...

Personal Taxes


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The IRS Could Not Collect When the Tax Statute of Limitations Period Expired

There are things that can extend (the technical term is “toll”) the collections period for IRS debt. Make an offer in compromise, for example, and the period gets tolled.

Personal Taxes

Minor Child Workers

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How To Lose A Tax Deduction For Wages Paid

The tax law becomes skeptical about wages when related parties are involved, and you cannot get much more related than a mother and her children.