WFFaithful
Well-known member
Joke of a "free democracy" we have
What could go wrong?????
she’s dead thenShe was still alive?
Supreme Court hears a case that experts say could wreak havoc on the tax code
Not sure whether to laugh or cry. Could certainly get interesting.
I listened to oral arguments this morning and my prediction is that SCOTUS will avoid the question of whether realization is required for taxing income under the 16th amendment and hold that the MRT is apportionment of a realized gain by an entity, similar to other subpart f, subchapter s, and subchaper k income. Kavanaugh and Barrett (as well as the liberal justices) seemed to receptive to that way to sidestep the big issue and not completely fuck up the entire tax code by adopting either the plaintiff’s position or the government’s ultimate position. I may be off on Kavanaugh, but I think it was him - audio only makes it tough.
ETA: This is based solely on what was said this morning. I’ll never put it past this SCOTUS to do something totally bonkers.
Several justices emphasized Tuesday that the tax on certain offshore earnings was substantially similar to other major forms of taxation, including on income earned by business partnerships, limited liability corporations and other offshore income. “What is the distinction?” conservative Justice Amy Coney Barrett asked the lawyer for the couple.
At one point, Justice Brett M. Kavanaugh seemed to offer the Justice Department a lifeline, suggesting that the court did not have to embrace Prelogar’s view in order for the government to prevail and the tax to stand. “Leaving open whether realization is a constitutional requirement, there was realized income here to the entity and then it’s attributed to the shareholders in a manner consistent with how Congress has done that and this Court has allowed,” he said.
i'm all for this if it keeps more than one SEC team out of the CFP....
i'm all for this if it keeps more than one SEC team out of the CFP....