A few things you may have missed this weekend while scrambling to cancel that luxury cruise you had planned:
I’m not sure what Packers fans are having a tougher time dealing with this morning: their 15-1 team being smacked around by the Giants or the realization that buying stock in the team for $250 was as fiscally responsible as purchasing magic beans.
For the 1,453rd time*, the Tax Court held that a taxpayer employed full-time in a non-real estate business failed to spend more than one-half of his time on rental real estate activities and thus failed to qualify as a real estate professional under Section 469(c)(7).
It’s a tough time to be an IRS agent, in part because there were approximately 4,430 changes to the Code from 2001 through 2010, an average of more than one a day, including an estimated 579 changes in 2010 alone.
A Facebook IPO would be a boon for California’s tax revenue; yet sadly, would do nothing to curb the proliferation of maddeningly meaningless status updates.
* an approximation