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Gregory v. Commissioner : A lesson in application of the 'hobby loss' rules | McAfee & Taft

Many of you are familiar with what are commonly referred to as the “hobby loss” rules. Section 183 of the Internal Revenue Code limits a taxpayer’s ability to deduct expenses associated...

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Americas Newsroom

>> objection, relevance. >> objection is overruled. >> reported income like tax-wise? >> yeah. >> i assume you have a document that says that and if you are reading that from a document i don't dispute it. i trust you, mr. waters. >> appreciate that. 2015 would you agree your reported income was over $2 million? >> again, i don't dispute that. >> all right. 2016 reported income $9 hundred thousand? >> okay. >> 2017 reported income $218,000? >> okay. 2018 reported income of $749,000 roughly? >> okay. and 2019 reported income of $655,000? >> okay. to me that demonstrates what i'm talking about how it goes up and

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CNN This Morning Weekend

maine won the mega millions. the big winner has not yet come forward. probably smart of them to stay hiding away. when they do, they could take a potential lump sum cash payout of $724.6 million. the question, jamara, do you tae the lump sum -- >> yes. of course you take the lump sum. absolutely. who knows what happens five, six, ces six, seven years from now, the lower's gone bankrupt -- i'm greedy. you wouldn't take the lump sum? >> you're more honest than i am. i think -- you have to take the lump sum because it immediately changes your life. i think the annual installments are better tax-wise, people say that's a smarter disciplinid thing to do. at least you're open about your greediness. >> smarter and not disciplined. >> wonderful. wonderful. still ahead, the white house tries to go on with business as usual as questions are mounting over president biden's handling of classified documents.

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Newswatch

even _ what she is trying to do, tax wise. even though it is from the criticism of other— even though it is from the criticism of other people, most notably rishi sunak— of other people, most notably rishi sunak during the course of this debate — sunak during the course of this debate. ~ ., ., i. ., ~ sunak during the course of this debate. ~ ., ., .,~ ., ., debate. what do you make of that, in a sense this — debate. what do you make of that, in a sense this puts _ debate. what do you make of that, in a sense this puts the _ debate. what do you make of that, in a sense this puts the debate - debate. what do you make of that, in a sense this puts the debate on - a sense this puts the debate on rishi sunak�*s territory, doesn't it? one would expect the outgoing chancellor of the exchequer to be pretty confident on this in terms of defending what he has been doing, and why he thinks his rivals are wrong, it gives them a simple dividing line? it wrong, it gives them a simple dividing line?— wrong, it gives them a simple dividing line? it certainly puts it on his territory, _ dividing line? it certainly puts it on his territory, but _ dividing line? it certainly puts it on his territory, but it _ dividing line? it certainly puts it on his territory, but it also - dividing line? it certainly puts it on his territory, but it also puts| on his territory, but it also puts it in his sphere of responsibility. if he tries to make a break with the past, and is say what you do in the future, i think voters are entitled to ask why he didn't do it because he was chancellor untiljust over a week ago? he is not some figure from the medium term fast, he was —— medium term past, he was there until

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Newswatch

different— rage over —— range over a lot of different areas, in what is a very broad _ different areas, in what is a very broad party. loosely speaking, i guess— broad party. loosely speaking, i guess people are seeing liz truss as being _ guess people are seeing liz truss as being a _ guess people are seeing liz truss as being a candidate of the right, kemi badenoch _ being a candidate of the right, kemi badenoch of being a candidate of the right. _ badenoch of being a candidate of the right. and _ badenoch of being a candidate of the right, and if liz truss possibly doesn't — right, and if liz truss possibly doesn't lose support as a result, and i_ doesn't lose support as a result, and i agree — doesn't lose support as a result, and i agree she has seemed rather stiff and _ and i agree she has seemed rather stiff and nervous in her presentation, although i think we should _ presentation, although i think we should be... i'm trying to be as faires— should be... i'm trying to be as fair as possible to her, because i'm not sure _ fair as possible to her, because i'm not sure that — fair as possible to her, because i'm not sure that i do necessarily agree with her_ not sure that i do necessarily agree with her position on tax, but i don't — with her position on tax, but i don't think— with her position on tax, but i don't think it's fair to say that it's unfunded, she has been quite open _ it's unfunded, she has been quite open in _ it's unfunded, she has been quite open in saying that she would extend borrowing, _ open in saying that she would extend borrowing, she would extend our debt further into _ borrowing, she would extend our debt further into the future. she thinks it's a _ further into the future. she thinks it's a way— further into the future. she thinks it's a way of— further into the future. she thinks it's a way of boosting the economy in the _ it's a way of boosting the economy in the shorter term, now, that seems to he _ in the shorter term, now, that seems to he a _ in the shorter term, now, that seems to he a fairly— in the shorter term, now, that seems to be a fairly honest assessment of what she _ to be a fairly honest assessment of what she is— to be a fairly honest assessment of what she is trying to do, tax wise.

Liz-truss , Kemi-badenoch , People , Lot , Areas , Candidate , Doesn-t-right , Party , Support , Result , Presentation , Doesn-t

Cavuto Live-20211225-16:46:00

take, but i do believe more sellers put their house on the market in the next year. david: i have to mention a lot of people from blue states are moving to red states. the weather is nicer in texas and florida than new york but is there still room in florida? is there room in these red states that are more attractive tax-wise? >> i was born and raised in florida. i have never seen so many people migrating to florida and i thing it will continue. people have reevaluated the importance but technology allows them to be in florida more so than ever before and texas as you mentioned. the migration will continue and the last point is we haven't seen the corners come in so that will create more demand and we have supply issues. people will migrate to these

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Detailed text transcripts for TV channel - CNN - 20170629:08:40:00

and pays taxes in every state. the president frequently attacked bezos during the campaign, claiming he used the "washington post" as a toy. >> amazon is getting away with murder tax-wise. he's using the "washington post" for power so that the politicians in washington don't tax amazon like they should be taxed. >> relations seem to have warmed since the election. the amazon ceo has met with the president several times including with other tech executives earlier this month. he's sitting next to nadala and to his left is jeff bezos. >> you wonder if there's pushback from bezos, the hash tag #bezoswashingtonpost. great the -- check it out on twitter. president trump kicking off his bid for a second term. yes, already. why so early? how rare is this? and why the venue is raising some eyebrows.

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Detailed text transcripts for TV channel - CNN - 20170629:09:42:00

of amazon in the past. not anymore. for years, brick and mortar stores complained and blasted amazon for not collecting sales tax. they only tax those with a physical presence, giving online companies an advantage. since then amazon has opened physical stores and fulfillment centers. it now collects sales taxes from its customers in every state. t the president claimed bezos used the "washington post" as a toy. >> amazon is getting away with murder tax-wise. he's using the "washington post" for power so that the politicians in washington don't tax amazon like they should be taxed. >> relations? i don't know who. he's just two to the right there. they seem to have warmed. sitting at the table with the president. the amazon ceo met with him several times including with other tech executives this month. "newsweek" tweeting the amazon/"washington post" tweet

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Detailed text transcripts for TV channel - FOXNEWS - 20170201:19:07:00

about the need to rebuild our inner cities. we were really impressed with cleveland this past july. we were there for the national convention. people of cleveland, their desire, the rebound the city has taken. i think when you go to whether it's a city like cleveland or detroit through different tax and regulatory measures, there's a way that we continue to bring manufacturing back, we continue to bring jobs back. whether it's harley davidson or lockheed or boeing or the gm fiat, ford, these companies he continues to talk with ab how they can bring jobs back. that was another one of the conversations we had with the pharmaceutical companies yesterday. how can they bring jobs back? how can we ease regulations to do that? it's ab making sure that we have an environment, natalie, that allows more cities to compete, to grow the manufacturing base and to recognize the things that we can do tax wise, regulatory wise to allow that to flourish.

People , Cleveland , Cities , Desire , City , Rebound , National-convention , Way , Jobs , Fiat , Harley-davidson , Tax

Detailed text transcripts for TV channel - MSNBC - 20140707:11:23:00

story. some of these ceos have publicly said we need a strong fiscal u.s., if not we won't be a sustainable country and they are the ones headquartered overseas. it's just completely -- >> extremely expensive to try and come back. >> it is. the difference is huge tax-wise. that is why we are doing it but we can't do a race to the bottom, as steve says. it's really big problem and it's only going to shrink the respect for corporate america, i think, that we have in this country. so i think it's something that really has to be dealt with and we say so in this story. >> "positively un-american" cover story of "fortune" thank you, leigh, very much. he has the ability to teach two of the powerful men in america. what were president obama and chief justice john roberts like as students? harvard law professor laurence tribe joinship joins us in a little bit. google begins the process of allowing people to excess their so-called right to be forgotten.

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