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Rent a cow in Florida, get a tax break.
“It’s kind of symbolic of a lot of the problems we see with the tax code today,” Carl Davis, a senior analyst with Citizens for Tax Justice, told me, “of how needlessly polluted and complicated and loophole ridden it is.”
It was reported in 2006 that Walt Disney World was saving $1.5 million each year by taking advantage of this loophole.
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lembrandt
Apr. 17, 2012 at 7:21pmI don’t fault the Disney Corporation at all. They spend huge money on tax accountants and lawyers to look for *exactly* these type of tax breaks. Good for them – it helps them to stay in business.
If anyone is a fault, it is the thousands of moronic legislators who created such a dubious and idiotic tax code. They should all rot in Hell.
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TOMSERVO
Apr. 17, 2012 at 4:46pmYou realize these silly tax loopholes are states’ inventions, not part of the federal tax code, right? Just checking, before the nutcases start blaming Obama for this.
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Tom K
Apr. 17, 2012 at 3:15pmIf you rent a cow, do you get a percentage of their milk production ? Do you pay for their upkeep like innoculations, vet visits, food, hoof trimming, etc.? Are these expenses tax deductible ? If the cow fails to meet milk production requirements, can you butcher the animal, sell the meat, write off the loss and start over with another cow ? Can you have your cow bred and would the resulting calf be a dividend or a dependent ? The possibilities are endless.
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tbconrad
Apr. 17, 2012 at 3:22pmNone of the above. Not without coming under investigation by the EPA and the FDA
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