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...
Category: TAX
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,...
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...
GUESS? WHAT, NO RIGHT TO AUDIT?
July 8, 2011
Georges Marciano founder of the clothing brand Guess? should have guessed that he was barking up the wrong tree by suing IRS in U.S. District Court seeking declaratory and injunctive relief and a writ of mandamus, “to...