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Keywords: Stock Photography Tax Tips, Tax Attorney Photo, Travel Tax Tips
Tax Tactics
| Julian Block, a former IRS agent and tax attorney, is the author of "Julian Block's Tax Avoidance Secrets" ($29.95 p&h included, 560 pgs. Mention you are a PhotoStockNotes subscriber and receive the book for $19.95. 3 Washington Sq, Station 5, Larchmont NY 10538-2032). Julian can be reached on the PRODIGY (EXPT16B) bulletin board or join him in the Chatroom for a chat on Taxes on Monday nights at 10:00 EST. |
Inferred theft
On the advice of their broker, David Jensen and his wife put $300,000 into an investment that turned out to be a Ponzi scheme - an investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and more risk. When the IRS allowed the Jensens only a $3,000 capital-loss deduction, they claimed a theft-loss deduction for their full investment. The IRS answer: There had been no defrauding of the couple because they never had any direct contact with the investment operators - they simply acted on bad advice from their broker. Tax Court: Allow the theft-loss deduction. The Jensens had been victims of fraud, if only indirectly.
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