Some lessons need to be repeated until learned. It’s a basic rule of life. Don’t tug on Superman’s cape; don’t spit into the wind; don’t pull the mask off that old Lone Ranger; and if you are going to make a loan, give it the indicia of a loan and treat it as a loan.

Silly Question?

“Which do you prefer: a taxable or a non-taxable transaction?”

Most taxpayers would probably respond that they prefer a non-taxable transaction. After all, who wants to pay tax if they don’t have to?

Closer analysis, however, may reveal that given a particular taxpayer’s situation, a taxable transaction may yield a better result.