With the election behind us and a strong probability of more tax hikes ahead, Major League Baseball free agents have rushed to the negotiating table in the hope of pulling as much of their future income as possible into 2012.
It wasn't our fraud! That was a big part of the overall defense presented by two men accused of helping Texas financier R. Allen Stanford cover his tracks when he bilked trusting investors out of $7 billion.
Earlier in the year, the Tax Court allowed a taxpayer to use a formula clause to determine the value of a business interest for gift tax purposes (TC Memo 2012-88). But the IRS refuses to knuckle under to the court.