Sometimes you have to wonder …
Viva Las Vegas:
You can deduct gambling losses only up to the amount of gambling gains. IRC Sec. 165(d). A partnership passed through its gambling gains which a partner used to offset his personal gambling losses on his personal income tax return. Partnerships (including LLCs taxed as partnerships) must pass through to their partners that partner's distributive share of each class of income, gain, loss, deduction and credit. The partnership tax regulations direct the pass through of gambling gains and losses as a separate item. A partnership may thus have profits from its regular business and losses from gambling and the two are not offset. Reg. Sec. 1.702-1(a)(8)(i). ILM 200725036.
Home Ownership Going to Pot:
Harold was convicted of marijuana cultivation and his ½ interest in the marital home was forfeited to the government, but his wife Kathleen's interest was not. She and the government remain co-owners of the house. von Hofe v. United States, 05-2969-cv.
Are In Vitro Grandsons Heirs:
In 1969 seven trusts were established by Grandpa which were to benefit issue and descendants of the family. Before son died his semen was cryogenically preserved and after son's death son's wife bore two children by artificial insemination. Were these grandsons included in the trusts intent to benefit descendants? Are in-vitro grandchild born after his son's death "descendants" for purposes of the trust? The trust stated that its purpose was to "...benefit his sons and their families equally." Based on what the court found to be an overall dispositive scheme to benefit grandfather's bloodline, the in vitro grandchildren were deemed included as trust beneficiaries. Matter of Martin B., NYLJ 8/1/07 p. 1. Note that New York law was recently amended to provide that children conceived after a parent's death (post-conceived) are precluded from sharing a parent's estate unless expressly provided to do so.
Wrestler Benoit's Probate: Who died first, according to CNN, will determine who inherits their estate. James Brown, Anna Nicole Smith, the list goes on and on. If the rich and famous can't seem to take care of their affairs, it's pretty unlikely that most regular folk have done what they should either.
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