This tax loophole really exists

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.

[The Atlantic]