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Creating wealth requires tax planning that looks down the road at new trends. After the KPMG tax shelters, Congress passed a new law to codify the existing court case law. For any tax plan to succeed, the plan must have economic substance and a profit motive (also known as a "business purpose").
But there is a problem. These concepts are subjective based upon appearance. This Tax Talk will teach you how to win with the IRS.
Establishing a profit motive is the key in avoiding the new economic substance and the large (40%) tax penalty. The old hobby loss rules and court cases provide us with the knowledge needed for successful tax planning.
CPAs & attorneys, here is a link to our blog with the court cases.
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It's good to talk.