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court case

a padlock hooked through a paper contract

September 18, 2021 By john

Starker v United States & the Qualifications of Internal Revenue Code Section 1031

Every real estate owner should become acquainted with section 1031 of the Internal Revenue Code. This section allows taxpayers to defer recognition of either gain or loss when they exchange property of like-kind with another party.Before 1031, an exchange of real property would substantial

Filed Under: court case

a mannequin in a suit seated on the floor of an office building

September 15, 2021 By john

Gregory v Helvering & the Old Roots of Modern Financial Duplicity

Gregory v Helvering (1935) is not the most well-known financial case, yet this Great Depression-era piece of litigation is fascinating for a number of reasons. Perhaps the most notable reason for its appeal is its relevance to more modern financial scandals.Although this case is almost a century

Filed Under: court case

calculators, pens and binders stacked that say income tax

September 15, 2021 By john

Kornfeld v Commissioner and the Step Transaction Doctrine

The sixteenth amendment, says "Congress shall have the power to lay and collect taxes on incomes, from whatever source derived without apportionment among the several States, and without regard to any census or enumeration." This amendment was ratified in 1913 and revised in 1992. It gives Congress

Filed Under: court case

the back of a persons head as they talk to professional looking people on a bench.

September 11, 2021 By john

Byram v United States & the 7 Pillars of Capital Gain Treatment

The tax code draws a distinction between ordinary income and income derived from the sale of a capital asset, or “capital gain.” In most instances, this distinction is straightforward and there is little confusion about whether income falls into one category or the other. However, there are some

Filed Under: court case

a stone statue of a gavel in a fountain

September 11, 2021 By john

United States v Winthrop & the Test for Ordinary Income

United States v Winthrop (1969) is a case in which the court rejected the capital gain classification and ruled that certain transactions were sales made in the ordinary course of business.Understanding the distinction between business income and capital gains is critical for any taxpayer as

Filed Under: court case

a landscape painting of autumn on a lake with a glass of water near the frame

November 20, 2020 By john

Gruen V Gruen: When Is A Gift Valid

In 1986, a court convened to decide if the son of the owner of a particular piece of artwork belonged to the departed man's son, or the departed man's wife. While such a case would seem simple and/or open and shut, both parties staked compelling claims to what they both believed was their property.

Filed Under: court case

A couple shaking hands with someone across a table.

July 24, 2020 By john

The Benefit Detriment Theory: Hammer vs Sidway

Contract law is continually evolving so courts can decipher the purpose and intent of these contracts. This is where the benefit detriment theory comes in. A substantial agreement must exist and the parties must have freely intended to be legally bound.For instance, if a client offers your

Filed Under: court case

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