Tax Lawyer Rob Wood Discusses Taxable Income When You Have No Cash

A little knowledge about the tax law can be a dangerous thing. You might get the sense from this brief romp through constructive receipt and economic benefit doctrines that you have a good sense of how to manipulate your own income. That is probably inaccurate.

Indeed, my main point is that there is much artifice in the tax law. Some of that can be helpful, and some of it is decidedly hurtful. If you have ever received a Form K-1 reporting phantom income to you when you received no cash, you know exactly what I mean!