Reducing Taxes with Dogs, Arsonists and Dentures

February 2003
Journal of Financial Planning;Feb2003, Vol. 16 Issue 2, p27
Academic Journal
The section presents claims for deductions that taxpayers have brought to their certified public accountants that deemed to be absurd. There is a man who confessed to his accountant that he had claimed his dog Red as a dependent for several years. When he said he could not afford to pay back taxes if he confessed to the U.S. Internal Revenue Service, the accountant suggested he declared Red deceased and hope they never audit. An ostrich farmer successfully depreciated an ostrich. An accountant told a client who made money as a sperm donor that he could not claim a depletion allowance for himself. A client successfully claimed the cost of dog food as a security expense because his dog provided security for his house. An accounting firm said no to a client's claim of an act-of-God casualty loss for accidentally flushing his dentures down the toilet.


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