New Tax Court Rulings IN FAVOR of the Taxpayer!

As you know, I read lots of business and tax stuff. And I subscribe to The Kiplinger Tax Letter which has two great pieces of information in its most recent edition (March 6th). These could be two very important Tax Court rulings in favor of the taxpayer.

One has to do with Real Estate Professional status for real estate agents (and possibly others) and taking an ordinary loss on an abandoned investment.

Here are portions of the quotes (their copyright policy prohibits me from providing the full entries):

"Real estate agents ... rental real estate losses are exempt from the passive loss rules if they spend more than one-half of their time and at least 750 hours per year materially involved in real estate, the Tax Court says. ... The Service said that agents were not covered, but the Tax Court disagreed (Agarwal, TC Summ. Op. 2009-29)." Copyright 2009. The Kiplinger Washington Editors, Inc.

and

"The loss on an abandoned investment is deducted as an ordinary loss,
the Tax Court says in a case where a couple gave up the $25,000 they paid
for a franchise. ... (Alami El Moujahid, TC Memo. 2009-42)." Copyright 2009. The Kiplinger Washington Editors, Inc.

In This Economy Barter May Become More Commonplace

I was just reading an article from a source that isn't usually very "upbeat." But in these two articles at The Sovereign Society they made me think about something that makes good sense in our current economic situation. Going back to the basic concept of barter. And I loved their title: Using "People Power" To Close Your Lifestyle Gap ©The Sovereign Society, copyright 2009 - I need to see and read upbeat, positive things right now.

Barter has been used forever, and there are plenty of people that have been using it right along. But how many of us really have been involved with it in any significant way?

Rather than try to re-write what they've already written I'm just going to give you the links and suggest you read the two articles. What I really liked, and think we need more of right now, are some reminders of how we can deal with this whole economic mess on a personal and business level. I don't know about you, but I'm looking for solutions and ideas to personal situations. What's happening on the national stage is not as important to me as what I can do individually to help myself, my family, my friends and my community to weather the storm.

To quote from the end of the second article:

But bartering and joint ventures are truly the beating heart of our economy; exactly what "paper money" tries to simulate. And when paper money fails to closely simulate the levels of efficiency and satisfaction you get from barter trades...well, don't be afraid to go back to what works.

So get out there and start thinking outside of the box! ©The Sovereign Society, copyright 2009

So check out the two articles:
Using People Power To Close Your Lifestyle Gap
People Power at Your Place of Business