Jilting the IRS Harold Hamm was born in Lexington, Oklahoma, the 13th child of Oklahoma sharecroppers. He graduated from high school then went straight to work in an oilfield. But he didn't let his modest background slow him down. He hit his first gusher at age 25. Today, he's CEO of [...]
Deduct the Alamo! In 1836, Mexican General Santa Anna and 1,500 troops laid seige against 182 Texans garrisoned at the Alamo, a Spanish mission designed to resist attack from native tribes. Thirteen days later, the Mexicans stormed the walls and killed every last man inside, including Commander William Travis and frontiersmen [...]
Pagans 1, Mind Control Defenders 0 We're all familiar with the idea of "tax exempt" organizations. The theory here is that some groups serve such valuable roles in society that they should be exempt from income, property, or other taxes. Here in the United States, Internal Revenue Code Section 501 lists [...]
Illegal Deduction in the Backfield The 1985 Chicago Bears were one of the greatest teams in NFL history — in fact, ESPN ranked them the greatest ever. Quarterback Vince McMahon, Hall-of-Fame running back Walter Payton, defensive tackle Richard "Refrigerator" Perry, and the rest of the team captured America's heart as they [...]
How to Guarantee an Audit Most of us would rather have a root canal without anesthesia than face an IRS audit. Fortunately, your chances of winding up in that particular hot seat are fairly low. Audit odds vary according to how much you earn and how you earn it, but generally [...]
The Art of the Tax Loss Everyone knows what a hobby is, right? It's something you do to relax and have fun, not something you do as an occupation. And everyone knows what a business is, too. It's something you do to make money. So everyone should know the difference between [...]
What Do You Give the Man Who Has Everything? Last week, New York Yankee shortstop and future Hall-of-Famer Derek Jeter played his last Major League Baseball game. He chopped a single to third in the third inning to drive in a run, then took himself out for good. That final hit [...]
Taxing Situation MTV's Jersey Shore premiered in late 2009 and quickly became the network's most-watched series ever. Cast members Nicole "Snooki" Polizzi, Mike "The Situation" Sorrentino, Jennifer "JWoww" Farley, and their outrageous, hard-partying housemates have become New Jersey's most famous family since The Sopranos, trying their best to put the "fun" [...]
In The Headlines Loan Trading: A $1 Trillion Market Moving in Slow Motion Imagine a trillion-dollar business that runs on phone calls and faxes and routinely ties up money for months while investors receive no interest. That is how it goes in the market for leveraged loans—those made to highly indebted [...]
In The Headlines Braveheart Revisited – Scots Vote on Independence This week Scotland’s voters take to the polls to determine whether they want to break off from the United Kingdom. And while a vote in favor of independence from the U.K. would simply be the beginning of a long and complex [...]
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