What’s the FMV of artwork that cannot be sold? IRS says $65 million
From the NY Times:The object under discussion is "Canyon," a masterwork of 20th-century art created by Robert Rauschenberg that Mrs. Sonnabend’s children inherited when she died in 2007. Because the work, [...]
Fresno Water Fight–CSA 51 Goes Down
On July 17th, certain Fresno county island residents voted on CSA 51--which was a proposal to build water pipe lines bringing tap water to some 432 county homeowners in a [...]
NY Times: Wealthy Turn to Family Limited Partnerships
New York Times: Family Limited Partnership Video Presentation)
Gov. Brown Forces His Tax Initiative to Top of Ballot–Courts Uphold
Conventional wisdom holds that ballot initiatives listed at the top of the ballot are more likely to pass than those listed at the bottom (slothful voters get tired of reading [...]
Mandate Constitutional–3.8% Investment Tax Now On Its Way
From the WSJ on the implications of the Supreme Court's health care decision:It really is happening.Until this week, investors were waiting to see what the Supreme Court would do about [...]
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 [...]