|The legal right of a taxpayer to decrease the amount of what otherwise would be his taxes, or altogether avoid them, by means which the law permits, cannot be doubted.|
Judge Learned Hand - Google Search "Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands."
The case was originally brought in 1932 when the IRS took exception to certain structuring put in place by the tax payer. It ultimately gave rise to the "substance over form doctrine" which stands for the proposition that any structuring that a tax payer does must be done for legitimate business reasons, not merely for the purpose of avoiding taxes. Stated another way, the doctrine of substance over form is essentially that, for Federal tax purposes, a taxpayer is bound by the economic substance of a transaction where the economic substance varies from its legal form.
Commissioner: Hon. Glenn Wilson, Jr.
Department of Commerce Web Site
Departmental E-mail: firstname.lastname@example.org
|Ad Hoc Legislative Agenda Committee||November 12, 2008 - 01:00 PM||Agenda|
|Housing and Redevelopment Authority||November 12, 2008 - 02:00 PM||Agenda|
|City Council Meeting||November 12, 2008 - 03:30 PM||Agenda|
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