Ann Romney’s Tax Deductible Horse Activity–The Tax Code Got This Right
Professor Donald Tobin has a wonderful article giving some insights on the taxability of Ann Romney's participation in dressage (with some nice examples of how the passive loss limitation rules [...]
3 Tax Increase Measures Qualify For November Ballot
Come November, Californians will will have a chance to vote on three different tax proposals.Governor Brown's proposal would raise state sales tax and raise income taxes for those making more [...]
Why the Tobacco Tax Defeat Does Not Bode Well for Gov. Brown
The last time California voters voted in favor of a tax increase was in 2004--the 1% tax increase on millionaires to fund mental health programs. Since then, every other ballot [...]
Do My Gifts of Limited Partnership Interests Qualify for the Annual Exlusion?
Under current law, a person has a right to give away $13,000 of assets to as many people as they see fit--free of gift tax. This is commonly referred to [...]
California Entrepreneur Fills Out Form Himself– Loses $18.5 Million Charitable Deduction
In what can be considered one of the harshest Tax Court cases of the year, the Tax Court denied a gigantic charitable deduction because admittedly "confusing" IRS forms were not filled [...]
California 9/11 Funds Raided By Politicians
In a move that is shocking, even by Sacramento standards, the Associated Press has revealed that a special account initially established to help fund scholarships for the California victims of [...]