In Federal Tax Court Your Report Is Your Testimony

The level of detail and the manner of explanation in a valuation report for tax compliance purposes is extremely important as the report serves as the expert’s direct testimony in Federal Tax Court. It’s interesting to observe the important steps that families take to protect their assets – hiring top wealth management teams, tax consultants, …

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No Respect for the Tax Court

The Tax Court doesn’t get much love out there by some.  They contend the Tax Court does not have the authority to decide legal issues. However the law says otherwise. The United States Tax Court is a federal court of record established by Congress under Article 1 of the United States Constitution.  Congress created the …

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No appraisal, no charitable deduction

IRS regs require taxpayer to hire a qualified appraiser when making a charitable contribution The IRS appears to be examining charitable contributions more closely in recent years, paying careful attention as to whether the donor has properly dotted all i’s and crossed all t’s. In the case of Mohamed v. Commissioner, T.C. Memo 2012-152, Joseph …

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