Passive Activities and Other Oxymorons

I have shifted to Forbes.http://blogs.forbes.com/peterjreilly/ This site is an archive of my pre-July 2011 posts and a repository of original source material that I referenced from Forbes.

Thursday, July 1, 2010

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Posted by Peter Reilly at 11:44 AM

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What is Basis and Why is it Important ?

Over and over again courts have said that there is nothing sinister in so arranging one's affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant. Judge Learned Hand

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Any tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

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