James Maule of Mauled Again has written an excellent post titled Expending Tax Dollars to Litigate Settled Tax Questions. In it he discusses the Eleventh Circuit’s affirmance, in Campbell v. Comr., No. 10-13677 (11th Cir. 2011), of an earlier Tax Court decision (134 T.C. No. 3 (2010)). The Tax Court concluded, following an earlier decision, that a [...]
Tags: Court Cases · Gross Income
A columnist for The New York Times believes that the objective of our tax policy should be to enforce equality of results rather than equality of opportunity. James B. Stewart is the latest in a long line of tax-the-richers who suggests that we should tax capital gains at the same rate we tax ordinary income: In the end, the [...]
Tags: Business Transactions · Gross Income · Politics of Taxes · Tax Policy · The Economy
A lot of people are making a ruckus because the IRS says that the value of what Christian Lopez, the fan who caught Derek Jeter’s 3,oooth hit, which was a home run, is taxable, but it’s much ado about nothing. Here’s David Logan of Tax Policy Blog: On July 9th, Derek Jeter became the 28th [...]
Tags: Gross Income · Taxes 101
Boy is this ever a serious problem. Joe Kristan has the story: Even when you get away with tax cheating for a long time, it can come back to bite you. If you are cheating in your business and your prospective buyer wants to see your tax returns, it can be awkward to explain that the [...]
Tags: Gross Income · Tax Tips
Joe Kristan tells of a recent Tax Court case (Gaffney v. Commissioner; T.C. Summ. Op. 2010-128) where the Court properly held that a 1099-C alone is insufficient to establish the taxability of debt cancellation income: The Tax Court pointed out that the IRS needs more than just a 1099-C to assess debt cancellation income: In support of [the IRS's] assertion that the [...]
Tags: Gross Income · Tax Tips
A few days ago I wrote that the IRS considers BP payments to Gulf Coast fishermen who have suffered losses as a result of the oil spill to be taxable income: This is not a difficult call. The tax code has long considered payments made to individuals in the form of compensation for lost wages or [...]
Tags: Gross Income · IRS procedure · Legislative Watch
Fox News reports that the IRS considers payments made by BP to Gulf Coast workers to be taxable income: Out-of-work Gulf Coast shrimper Todd Pellegal spent his first $2,500 check from BP quickly, paying off bills and buying groceries for his family. He never even considered putting some of it away for taxes. Now he’s [...]
Tags: Gross Income
