Sixth IRS Victory Against Microcaptives In Swift [Forbes]
Upbound Group, Inc. (UPBD)
Company Research
Source: Forbes
That is certainly the case with microcaptives, as last month the U.S. Tax Court released an opinion that was the subject of my article IRS Wins Fifth Microcaptive Case in Keating (Jan. 11, 2024). Less than a month after Keating, the U.S. Tax Court has released another microcaptive opinion, this time in Swift v. CIR , T.C. Memo. 2024-13 (Feb. 1, 2024). Spoiler alert: The taxpayer in this case also loses, just as in the five previous microcaptive opinions and for largely the same reasons, and ends up paying a 20% accuracy-related penalty as well. Thus, the IRS is now batting 1.000 after six U.S. Tax Court opinions (and one U.S. Circuit Court of Appeals decision). You can read the opinion yourself here and, as usual, to the extent that my commentary might diverge from the text of the opinion then the text of the opinion should control. The taxpayers in this case were Dr. Bernard T. Swift, Jr., and his wife Kathy L. Smith, of Texas. Dr. Swift owned and operated Texas MedClinic as an urg
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