For wealthy Americans looking to veil their assets and shield some of their income from taxation, there is no need to go to Panama or any other offshore tax haven. According to the New York Times, it’s easy to establish a shell corporation right here at home and virtually no questions are asked. Questions: 1…. Read more »
Posts Tagged: U.S. Treasury
Not a good argument
In a ruling on December 23, 2013, the U.S. Tax Court denied a Florida MBA student, with little work experience the claim for deduction of his tuition costs as a business expense. Questions: 1. What was the concentration (major area of study) of the student’s MBA degree? 2. What was the amount of the bill… Read more »
Right on the Money
Back in January, when Jacob “Jack” Lew was a mere nominee for the position of Secretary of the Treasury, the New York Magazine described his signature as a “slinky that has lost its spring.” Now, as the official Treasury secretary, his signature has changed. Questions: 1. Why were people worrying about Lew’s signature in the… Read more »
Movie with a Happy Ending?
When the Treasury Department bailed out AIG and said two years ago that it was likely to lose only about $5 billion on the bailout, Neil Barofsky, a former official of the Troubled Asset Relief Program (TARP) declared that the number was “manipulated” as part of a “publicity campaign” to boost the positive aspects ahead… Read more »