Per the U.S. Supreme Court, every citizen has every right to
save taxes legally
The U.S. Supreme Court decision,
that it is every taxpayer’s right to legally save taxes, has been around for one
hundred forty years.
“The legal right of a taxpayer to
decrease the amount of what otherwise would be his taxes, or altogether avoid
them, by means which the law permits, cannot be doubted.” United States v. Isham, 84 U.S. 496,
506, 21 L. Ed. 728 (1873); Gregory v. Helvering, 293 U.S. 465, 469, 55
S. Ct. 266, 267 (1935); Superior Oil Co. v. Mississippi, 280 U.S. 390,
395, 396, 50 S. Ct. 169, 74 L. Ed. 504 (1930); Jones v. Helvering, 63
App. D.C. 204, 71 F.2d 214, 217 (D.C. Cir. 1934).
Almost one hundred years ago, the Supreme Court held further that “A taxpayer may resort to any legal methods available to him to diminish the amount of his tax liability.” Bullen v. State of Wisconsin, 240 U.S. 625, 630, 36 S. Ct. 473, 60 L. Ed. 830 (1916). In Iowa Bridge Co. v. Comm., 39 F.2d 777, 781 (8th Cir. 1930), the Eighth Circuit said: ‘In fact, it is held that even thought the transaction is a device to avoid the burden of taxation, or to lessen that burden, it is not for that reason alone illegal.‘
Almost one hundred years ago, the Supreme Court held further that “A taxpayer may resort to any legal methods available to him to diminish the amount of his tax liability.” Bullen v. State of Wisconsin, 240 U.S. 625, 630, 36 S. Ct. 473, 60 L. Ed. 830 (1916). In Iowa Bridge Co. v. Comm., 39 F.2d 777, 781 (8th Cir. 1930), the Eighth Circuit said: ‘In fact, it is held that even thought the transaction is a device to avoid the burden of taxation, or to lessen that burden, it is not for that reason alone illegal.‘
So with this holiday season upon us, keep in mind that it is perfectly legal to choose transactions tax favorably.
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