Monthly Archives: May 2006

Survivor: Victorville Coming Soon

Posted on May 18, 2006 by Russ

Last night I drove home from Las Vegas and the CSEA’s SuperSeminar (well worth it, as usual; I’ll have more on the seminars later). As you head out of the high desert from Barstow on Interstate 15, you pass a … Continue reading →

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Tax Seminar Time

Posted on May 11, 2006 by Russ

For the next several days, I’ll be at the CSEA’s annual SuperSeminar; thus, updates will be infrequent at best. We’ll return next Wednesday or Thursday with more news and some information from what has in the past been an excellent … Continue reading →

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Governator: Use Extra Cash As Rainy Day Fund

Posted on May 11, 2006 by Russ

Perhaps the Governator reads Taxable Talk (though I doubt it). In any case, Governor Schwarzenegger will propose tomorrow to: Use $1.6 billion of the new revenues to retire debt; Use $1.6 billion for the reserve account; Use $2 billion to … Continue reading →

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Psychic Tax Evader Allegedly Commits Violence the Old-Fashioned Way

Posted on May 11, 2006 by Russ

You’d think that if you’re a psychic you’d be able to just will your way to violence—you wouldn’t have to throw any punches. Sadly, our tax evading psychic apparently threw plenty of punches at his wife. David Guardino of Cary, … Continue reading →

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One Tax Bill Likely to Pass

Posted on May 10, 2006 by Russ

Republican negotiators in Congress sent tax legislation out of conference committee. The highlights of this generally lackluster legislation: – AMT Relief extended, with a new higher exclusion of $62,550 for 2006; – 15% capital gains rate extended for two more … Continue reading →

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If You Fail Once, You Can Fail Again

Posted on May 9, 2006 by Russ

Back in the 1996 tax year, Leonard Gittinger, an attorney, didn’t pay his taxes. He argued that wages weren’t income. If you’ve been reading this blog, you know that argument is a typical tax protester argument, and is baseless. The … Continue reading →

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Alchemists Rejoice!

Posted on May 8, 2006 by Russ

Today the Tax Court looked at a §1031 Exchange case. The question before the court was whether a partnership (Peabody) could exchange gold mines for coal mines. The problem: the coal mines were encumbered with supply contracts that sent the … Continue reading →

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CA Gets Tax Windfall; Will the Money be Spent or Saved?

Posted on May 8, 2006 by Russ

In April, Californians sent $11.3 billion in personal income tax payments to the state, $4 billion more than predicted in January, according to the Department of Finance. So, what should be done with this money? The California Constitution requires a … Continue reading →

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If the Sopranos Ran New Jersey…

Posted on May 4, 2006 by Russ

…the state would probably be run much more efficiently than it is today. Their methods, though, might leave something to be desired. However, the methods employed by Governor Jon Corzine leave a lot to be desired. Corzine wants to increase … Continue reading →

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The 2% Solution

Posted on May 1, 2006 by Russ

Today the Tax Court looked at an ambiguous section of the Tax Code. Suppose an S Corporation is owed a refund, with interest. What interest rate should be used? The general “corporate overpayment” rate, the “large corporation” overpayment rate, or … Continue reading →

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