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Wednesday, May 12, 2004

More on Extreme Makeover = Extreme Taxes

Wednesday, May 12, 2004

Other blogs have followed up on Monday's TaxProf Blog piece on the tax consequences of ABC's plan to help the recipients of home makeovers avoid tax on the value of the improvements by characterizing the items as short term rental payments within the meaning of Code section 280A(g):

The Volokh Conspiracy
TaxGuru
JD2B
Business Opportunities Weblog
Marcland

http://taxprof.typepad.com/taxprof_blog/2004/05/more_on_extreme.html

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Comments

$50,000 to rent a home for 10 days? Come now, folks. That will never fly. If I were the judge (i.e., if there were no background checks), I'd sustain penalties for that cute little story.

Posted by: Jack Bogdanski | May 12, 2004 6:35:03 AM

$50,000 to rent a home for ten days for the sake of a TV show may seem extreme, but I highly doubt that it can be considered too far out of line considering what it costs to make TV shows and movies these days

Posted by: Jason C | Dec 13, 2004 12:03:53 AM

I have been chosen for a trailer 'makeover' by a US tv show. I am a Canadian citizen without US assets . How can the IRS withold the 30% tax?

Posted by: Megan | Feb 16, 2007 10:20:34 PM