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Friday, November 5, 2010

Dudley-style house burning deduction nixed

The IRS won a big case on the subject in the U.S. Tax Court yesterday.

Comments (4)

We should erect a Statue of Limitations for his Dudship.

It is Guy Fawkes day in GB and the remaining colonies.
The locals are doing a burning here in the Bahamas. Hee Hee

If you read the opinion (as I have, yeah I know, I need to get a life) it is clear that the Tax Court has decided that once the house is severed from the land it has no real value, and hence no charitable ocntribution is made.

Of course, Conservatives will complain that the contribution for giving your house to the Fire Department to burn down is fair, in that both rich and poor can take advantage of it.

So would that follow for deductions on state returns? There was a decision against Oregon DOR on this very topic within the last 10 years or so. The claimed donation was much less than the assessed value of the house in that case, if I remember correctly.

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