Annotations 12/2009

(married couple does not qualify for first-time homebuyer credit with respect to home that was purchased for them by the wife's parents and for which the couple took title after November 6, 2009).

(valuation formulas contained in estate plan not void as contrary to public policy; "charitable lid" estate planning concept upheld - follows 8th Circuit's opinion in Christiansen). 

(court upholds trial court’s order validating grant of zoning permit for construction of wind power station; plaintiff failed to carry burden of proof that amendments to zoning ordinance were unreasonable and bore no relationship to promoting public health, safety and welfare). 

(zoning permit properly issued allowing construction of proposed wind power station; no deficiency in permit application and due process requirements satisfied).  

(ownership of disputed area determined to have been acquired via a boundary by acquiescence).

(nurse may deduct education expenses incurred in obtaining MBA with a specialization in healthcare; degree of no value to nurse in qualifying her for a new trade or business).

(two companies planned to merge into a new company, the plaintiff; dissenters sought fair value for their shares; because one of the merging companies did not conduct business as a cooperative, price of shares not subject to dissenters' rights statute - which allows shares to be paid at less than fair market value).

(taxpayer did not have cancellation of debt income in 2006 as a result of foreclosure of taxpayer's home in 2000; IRS failed to meet burden of production under I.R.C. Sec. 6201(d) of showing that debt actually discharged in 2006). 

("alley belting" (belting used in a mine on a conveyer to move minerals from underground to the surface) which is sold to cattle farmers who install the belting in cattle barns to provide a surface on which cow can walk that is less slippery, is exempt from sales tax because the belting equipment is used directly in livestock or dairy production).