While Tax Court Memorandum Decisions may not be cited as precedent the case of Estate of Louise Paxton Gallagher v Commissioner (T.C. Memo 2011-148), dealing with an estate tax valuation, is instructive in summarizing some...
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AMERICAN PIE TURNS INTO AMERICAN BLACK EYE
August 10, 2011
Standard and Poor’s downgrade of US debt rating by one notch from AAA to AA+ is a hugely important event. Not that interest rates will sharply rise anytime soon, not that the U.S. will ever default on its bonds – no,...
TAX REFORM ON THE HORIZON
July 28, 2011
TAX REFORM ON THE HORIZON By Robert S. Steinberg, Attorney, CPA, CVA JULY 27, 2011 TO THE TAX LAW AN ODE: A LABYRINTH SEWED INTO A ROBE OF SYMBOLS, THIS CODE THAT TORTURES OUR BRAINS, WHILST OUR POCKETS IT DRAINS –...
WALKING ON THE DEBT CEILING
July 28, 2011
POLITICS OR REAL NECESSITY Since 1980 the federal debt ceiling has been increased from $706 billion to $13,529 trillion. These debt ceiling increases correspond with federal debt levels. Of that increase, 16 debt ceiling...
Congress added section 6015 to the Code, to provide three escape hatches from the normal “joint and several liability” imposed on a joint return filers. Section 6015(b) provides innocent spouse relief to married or...