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 It’s bad to experience a large loss on a business deal gone sour. But it’s even worse when you can’t use the loss to reduce your income taxes.

Investors in a Texas self-storage facility believed they had suffered about $10 million in damages because of the behavior of the guy who put the deal together, and were understandably upset.   But that didn’t give them the right to recover more than $30 million by slipping in a claim for punitive damages just 24 hours before the case went to arbitration, an appellate ruling has held.

The bankruptcy arena is fast becoming a sale barn for distressed assets. Modern chapter 11, codified in 1979, was launched amid well-intentioned statements about preserving jobs, preserving going concern value, and allowing troubled companies to right-the-ship and move on.

Despite what a university, its lawyers and a Superior Court thought, an appellate court ruling has confirmed that 12 months really means 12 months.

The Charitable Remainder Unitrust, commonly known as a "CRUT," can benefit charity, and the grantor, at the expense of Uncle Sam.

If you watch police dramas on TV, you are sure to have seen this plot twist: the suspect tells his lawyer something the police really want to know. But the cops can’t force the lawyer to give them the information, because of “attorney-client privilege.”