capital gains Archives - Memos and Mirth

Another day in tax law

November 3, 2009

In a perfect world…

Professor A: “Cleaning supplies should be deductible. Maybe in a perfect world the IRS would monitor the spic-and-span, the toilet paper, and all that crap and see if it is taxable, but they don’t.”

Words of Wisdom:

Professor A: “This is another one of my tax rules: you can’t have your cake and eat it too. If a tax scheme looks too good to be true, it is. And you and your client will get into trouble if you participate.”

Other Tax law posts:

Note: I refer to my tax professor as “Professor A” simply because “Professor T” was taken. The naming issue was really bad during my first semester when I had Contracts, Conlaw, and Civil Procedure.

2L Fall / Law School

Taxation Midterm on Capital Gains, aka what the hell?

October 26, 2009

What in the hell was that? This tax midterm has been a rabid monkey on my back for the past week. I was either studying for it or thinking about how I should be studying for it… and all that energy was a complete, and utter waste.

It’s time to get my 80’s headband out and sing:

That’s right.

The exam had two questions. The first question was a very basic capital gains problem, but the second part of the question was so poorly written ambiguous that the 5 classmates that I spoke to afterward each interpreted the question in a different way.

And the second question was a multi-part beast that several partnership-related facts. We did not cover partnerships in class at all, so I had to do some on-the-spot digging in the tax regulations. This is probably ripe with fail. Womp. Good thing this is only 15% of my grade…

Anyhoot. I am moving on, and going to Dunn Brothers to work on my moot court brief.