A Quote by Jerry Reinsdorf
I thought I would spend the rest of my life being a good tax lawyer. The interesting thing about being a tax lawyer is, none of your clients are poor. I had clients come to me and say, 'Can you help us make investments?' That led to me getting into the real estate business.
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If you're a full-time manager of your own property - and full-time, according to Congress, is 15 hours a week - you can take unlimited depreciation and use it to offset your income from other areas and pay little in tax. One of the biggest real estate tax lawyers in New York said to me, if you're a major real estate family and you're paying income taxes, you should sue your tax lawyer for malpractice.
I went to college on my way to be a lawyer. That's all I wanted to do was go back home and help my daddy. I thought we were poor because he was not a good businessman and I was going to become the lawyer who would take charge of the business.
The lawyers have escaped most criticism [and undeservedly so]. The tax shelters [were approved by lawyers, who got paid huge commissions to do so] and every miscreant had a high-falutin' lawyer at his side. Why don't more law firms vote with their feet and not take clients who have signs on them that say, "I'm a skunk and will be hard to handle?" I've noticed that firms that avoid trouble over long periods of time have an institutional process that tunes bad clients out. Boy, if I were running a law firm, I'd want a system like that because a lot of firms have a lot of bad clients.
I didn't expect to have music as my main thing. I always thought I was going to be a lawyer. When I graduated, I was doing really well with my music in Malaysia. I had stable income, and I had really good momentum in the music industry, so I had to make a decision whether to stop that and continue being a lawyer.
Churches are tax exempt because they are supposed to provide a public good. To prove that good to the IRS, churches arent supposed to hoard their money. They are supposed to spend it on goods and services for the faithful. Under this pretense, the church has made massive investments in tax free real estate all over the world. And when it comes to labor costs, they are almost free.
New York state ethics rules prohibit lawyers from soliciting gifts from clients 'for the benefit of the lawyer or a person related to the lawyer.'
Actually, acting turned out to be the perfect job for me, because I had a lot of different interests. I thought about being a priest at one point. I thought about being a teacher. I thought about being a lawyer. But I think acting is probably the best job for me.
When you're an agent or a lawyer; its about service, not for yourself, but for your clients
You got to have the right lawyer and good management. I went years and years without management and even a good lawyer; I used to handle contracts on my own, and it was definitely corners that they would cut. It wouldn't have happened if I had a good lawyer behind me.
What people really haven't thought about with real estate is, if you get tax reform, you're going to see real estate now... the velocity of selling and buying real estate will just kick.
I don't want to get into the 'who's a hostage-taker' discussion here, but what is the estate tax? It's a double tax on death. Economists will tell you that it's really not a tax that soaks the rich, but it's a tax on capital that deprives business investment and therefore job creation.
Believe me, I'm not longing for the days when I was going to become a lawyer. Especially come tax time.
[My father] was also a lawyer in his bank and specialized in tax law. He would have to do the tax returns for all the Harvard profs because they were buffaloed by that kind of reasoning. Professors in the economics department, even they knew nothing about it.
The Tax Division is committed to prosecuting accountants who assist their clients in fraudulent tax schemes.
When I was little, I thought about becoming a lawyer like my parents, and my mother would always tell me, "You can do anything you want - except be a lawyer."
I realized that I spent more time thinking about my problem clients than my great clients. I had to stop feeding the drama of the problem clients-and other problems in my life.
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