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Questions Answered by J. Timothy Bender

3 Answers | Asked in Tax Law for Ohio on

Q: Can you go to jail for filing an incorrect number on your business's tax returns if it was an honest mistake?

J. Timothy Bender answered on Dec 4, 2018

In order to be prosecuted for either tax evasion, or filing a false return, there has to be evidence of an intent to evade tax. If it is an honest mistake, there is little chance of being prosecuted as the intent to defraud the government is not present. The IRS usually will not refer a case for... Read more »

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2 Answers | Asked in Tax Law for Ohio on

Q: where do I find USTC case "Hancock (T. C. Memo 2012-31) ?

J. Timothy Bender answered on Aug 13, 2017

Go to the website for the US Tax Court (, click on the Opinion Search tab. Put Hancock in the name box and hit Search. It is the first case listed in the results.

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1 Answer | Asked in Tax Law for Ohio on

Q: What are the tax benefits of setting up a trust?

J. Timothy Bender answered on Aug 4, 2017

For most people, there is no income tax advantage to establishing a trust. Under certain circumstances there may be gift or estate tax benefits. You need to have a tax expert look at your particular circumstances to determine if there is a benefit for you before you consider setting up a trust.... Read more »

1 Answer | Asked in Tax Law for Ohio on

Q: What amount qualifies for the federal gift tax?

J. Timothy Bender answered on Jun 2, 2017

I believe you are asking about the annual gift tax exclusion amount. For 2017 a person can give $14,000 to an individual without there being a taxable gift.

1 Answer | Asked in Tax Law for Ohio on

Q: How much property can you transfer to a non-relative without tax implications?

J. Timothy Bender answered on May 7, 2017

The lifetime estate and gift tax exemption amount for 2017 is $5,490,000. The annual gift tax exclusion for 2017 is $14,000 and is unrelated to the lifetime exemption. In other words, the $5.49 million exemption amount is not reduced by annual gifts of $14,000 or less.

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