Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Celebrity Tax Lore
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Patriotic Millionaires Support Higher Taxes, But Won’t Donate to Treasury
(Hat Tip: Dan Mitchell, Glenn Reynolds.)
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WSJ: Taxing Kim Kardashian
Wall Street Journal, Taxing Kim Kardashian, by William McGurn: Progressives don't care about her sex tape. They do care that she makes so much money. Poor Kim Kardashian. Well, poor may not be the right word. By all accounts—especially those she televises for her reality shows—Ms. Kardashian manages quite comfortably on her income. According to…
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NY Official Claims Lawyers for Heiress Failed to Pay $90m in Gift Taxes
ABA Journal, NY Official Points Finger at Lawyer for Heiress, Calls $90M in Unpaid Gift Tax ‘Tip of the Iceberg’: An accountant has stepped down from administering the $400 million estate of heiress Huguette Clark and a lawyer is expected to face questions in a Manhattan Surrogate's Court hearing tomorrow, after the New York public…
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The Tax Treatment of Oscars
Following up on prior posts on the rule requiring Nobel Prize winners to include the prize in their income (links below): Ben Leff (American) passed along this CNN article for Tax Profs who discuss in class whether the prohibition on the sale of Oscars by the Academy of Motion Pictures Arts and Sciences' renders the…
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Taxes Make Lady Gaga Get ‘Completely Wasted’
Everybody was laughing because when I signed my tax returns this year I had to get completely wasted. [1:55] (Hat Tip: Monsters and Critics.)
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Tax Exam Question: 80-Year Old Man Donates Suit to Goodwill With $13k Life Savings Sewn Inside Lining
An 80-year-old Illinois man mistakenly donated an old suit to Goodwill with his $13,000 life savings sewn inside the lining. (He kept the savings in the suit because he did not trust banks.) He is offering a $1,000 reward for the return of the money, which he needs to help care for his wife, who…
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Tax Exam Question: Charlotte Church and Rupert Murdoch
Bill Turnier (North Carolina) passed along this real-life fodder for an income tax exam question: Huffington Post, Charlotte Church: I Sang At Murdoch Wedding For ‘Good Press’: Singer Charlotte Church gave damning testimony against the British press at the Leveson Inquiry into press ethics on Monday. In it, she claimed that she sang for free…
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Joe Paterno Transferred House to Save Taxes, Not Shield Assets From Abuse Victims
Following up on my prior post, NY Times: Tax Angle in Joe Paterno Scandal?: The Trusts Advisor, “Flakey” Paterno’s Estate Plan Shocks Lawyers: Even before cancer diagnosis, the 84-year-old legend was looking to shield his legacy from taxes, not lawsuits stemming from one-time protege’s sex abuse scandal. … [T]he transfer of Paterno’s $400,000 house to…
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Mark Cuban: My Views on Corporations and Taxes
Mark Cuban (Owner, Dallas Mavericks), My Views on Corporations and Taxes: I understand why CEOs of public corporations take advantage of every opportunity to condemn taxes. The lower the tax rate, the greater the after tax profit. The greater the after tax profit, the greater the share price. The greater the share price, the closer…
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NY Times: Lauder Family’s Skillful Planning Shelters Millions in Taxes
New York Times, A Family’s Billions, Artfully Sheltered: As he stood in the opulent marble foyer of a Fifth Avenue mansion late last month, greeting the coterie of prominent guests arriving at his private art gallery, Ronald S. Lauder was doing more than just being a gracious host…. Yet for Mr. Lauder, an heir to the…
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Bow Wow Owes the IRS a Lil Money
TMZ, Bow Wow Owes the IRS a Lil Money: A tax lien filed in Florida by the federal government says the rapper [Bow Wow], real name Shad Gregory Moss, owes the government $91,105.61 for unpaid taxes from the year 2006.
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Steve Jobs’ Heirs Should Sell Stock Now to Save $867 Million in Taxes
Bloomberg, Experts Say Steve Jobs’ Heirs Should Sell Apple, Disney Stock: Steve Jobs’ widow may never find a better moment to sell her late husband’s $6.78 billion of Apple and Walt Disney Co. stock. Under federal law, Jobs’ heirs may sell Apple and Disney and avoid $867 million in capital gains taxes. If Apple’s late…
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NY Times: Tax Angle in Joe Paterno Scandal?
New York Times, Paterno Passes On Home to His Wife for $1: Joe Paterno transferred full ownership of his house to his wife, Sue, for $1 in July, less than four months before a sexual abuse scandal engulfed his Penn State football program and the university. Documents filed in Centre County, Pa., show that on…
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Deductibility of Conrad Murray’s Attorneys’ Fees
Forbes, Michael Jackson Death Doctor Can Deduct His Legal Fees, by Robert W. Wood (Wood LLP, San Francisco): Dr. Murray should be able to deduct his fees as a business expense even though he was convicted. After all, he was treating Michael Jackson and being paid for it. Whether facing a civil malpractice trial or…
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NY Post: ‘Steve Jobs Was as Smart About Taxes as He Was About Tech’
New York Post, Steve Jobs’ Heirs to Avoid Big Tax Hit If They Sell Apple Stake Right Away: Steve Jobs was as smart about taxes as he was about tech. The Apple co-founder, who held $2 billion of company stock, avoided income tax on his skyrocketing share gains — and so will his heirs if…
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‘I’m Warren Buffett’s Secretary’
Peter Pappas critiques the ad in MoveOn.Org Perpetuates Buffett Tax Lie.
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Bill O’Reilly Responds to Jon Stewart on the Buffett Rule
Watch the latest video at video.foxnews.com (Hat Tip: Ann Murphy.)
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