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Wednesday, 8 August 2012
quote [ Was Romney In Son of Boss Deals ?
We don’t know. It is possible that even if we get to look at his returns, we won’t be able to tell, since they were designed to be opaque. We do know, however, that he was or at least should have been quite familiar with them. We know this because he was on the audit committee of Marriott, when Marriott did Son of Boss deals. ] If this was just about low rates he would have released his taxes. There had to be more. This is more.
The Son of Boss Tax Shelter and How it Works
[politics] [by bbqkink@8:02pmGMT] [+5 Interesting] The only purpose of the S.O.B. tax shelter is to create artificial losses that are then used to offset a taxpayers’ taxable gains. http://www.pappasontaxes.com/index.php/2009/06/25/the-son-of-boss-tax-shelter-and-how-it-works/ Given how pervasive the deals were and the high reputation of the firms involved in them, I could see Mr. Romney thinking it would be irresponsible to not do a Son of Boss deal – “I pay all the taxes owed and not a penny more.” Romney has had a close, long-standing, personal and business connection with Marriott International and its founders. He served as a member of the Marriott board of directors for many years. From 1993 to 1998, Romney was the head of the audit committee of the Marriott board. http://www.cnn.com/2012/08/08/opinion/canellos-kleinbard-romney-taxes/index.html He said what he did was legal and sure enough it it is. WASHINGTON—The Supreme Court ruled against the Internal Revenue Service in a tax-shelter case, underscoring the agency's challenges in rooting out improper tax avoidance. The IRS waited too long— more than three years—to challenge taxpayers' filings that used a "Son of BOSS" tax shelter, the court ruled Wednesday. The court's ruling didn't address the legality of the tax shelter. No surprise 5/4 decision. http://online.wsj.com/article/SB10001424052702303990604577366312132335038.html Here is a simpler explanation of how SOB works http://www.son-of-boss.com/ |
Comments
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GordonGuano
said @ 8:14pm GMT on 8th Aug
It bears mentioning that this is just one of literally thousands of ways the1% wind up paying a smaller percentage of their income in taxes than the working class. |
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bbqkink
said @ 8:21pm GMT on 8th Aug
True but this one has a special stink about it. |
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bbqkink
said @ 9:57pm GMT on 8th Aug
Here is the newest type. Steal a Billion get finned a million Morgan Stanley Settles Price-Fixing Scandal That Cost Consumers $300 Million For Just $4.8 Million http://thinkprogress.org/economy/2012/08/08/656201/morgan-stanley-price-fixing-settlement/ |
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ENZ
said @ 8:19pm GMT on 8th Aug
I just love the mental gymnastics involved when these kinds of people answer questions with "well I didn't do anything illegal". They know damn well they're pulling some crooked bullshit with all the loopholes and offshore havens that regular people just don't have the resources or connections to exploit. |
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dangerm00se
said @ 8:45pm GMT on 8th Aug
[Score:1 Insightful]
They know damn well they're pulling some crooked bullshit with all the loopholes and offshore haves that regular people don't have the resources or connections to create and exploit." added one little thing. |
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cb361
said @ 8:24pm GMT on 8th Aug
Stop complaining. This just shows that if you make Romney your president, America won't have to pay any intergalactic space-taxes to the trans-human federation of inhabited worlds. |
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Ankylosaur
said @ 8:35pm GMT on 8th Aug
Dude, Earth isn't anywhere near the Galactic 1%. We will pay dearly. |
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mjteegarden
said @ 10:20pm GMT on 8th Aug
We are in the uncharted backwaters of the unfashionable end of the western spiral arm of the galaxy. We are the (mostly harmless) 99%. |
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backSLIDER
said @ 2:16am GMT on 9th Aug
[Score:1 Funny]
We are so far out there they only charge a few cows now and then. |
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Mr. Langosta
said @ 9:59pm GMT on 8th Aug
If I was stinking rich and had political aspirations, instead of a personal accountant, I would just send the IRS a pick-up truck full of cash with a note for them to figure it out. In the public's eye, I could never be tripped up on taxes, since my response would be, "Look every year I send the IRS a Ford F150 filled with hundred dollar bills." I can see that playing incredibly well in America. "The man sent them a truck full of money. What more do those bean counters want?" |
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sanepride
said @ 10:20pm GMT on 8th Aug
Wouldn't play so well in the part of America that views taxation in general as a form of theft. They'd think you were a sucker. |
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Naruki
said @ 12:18am GMT on 9th Aug
Right, but they are insane, so there's no sure way to please them anyhow. |
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backSLIDER
said @ 2:18am GMT on 9th Aug
Then just hid it? |
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epease
said @ 5:33am GMT on 9th Aug
Try having them live in Andorra or Nauru  |
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sanepride
said @ 11:58pm GMT on 8th Aug
[Score:2]
Romney spokesperson pilloried by conservatives for citing his greatest political achievement. |
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backSLIDER
said @ 7:36am GMT on 9th Aug
wow, there is such a thing as negative political critical mass. I think the GOP has reached and it's trying to eat it's self. |
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scojam
said @ 3:38pm GMT on 9th Aug
There seems to be no end to their self destruct program. I guess that means Romney is a shoe-in given how people cheer for the underdog and all. |
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sanepride
said @ 7:58pm GMT on 9th Aug
Romney's biggest problem is that people don't view him as an underdog in any way shape or form. |
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incpenners
said @ 6:49pm GMT on 15th Aug
I guess that's relevant; you might argue that refusing to see flaws is a form of zealotry. Un-retouched photo posted by the AP today:  |
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gunthar
said @ 12:23am GMT on 9th Aug
[Score:3 Funny]
I hope someone appreciates my sense of humor |
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-_-
said @ 12:33am GMT on 9th Aug
[Score:1 Underrated]
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swiggy
said @ 10:11am GMT on 9th Aug
After what amounted to the eighth or ninth unconscious replay, I discovered that this is an insidious earworm. Blast you. |
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-_-
said @ 8:28pm GMT on 9th Aug
It is the only defense against the counting song at the moment. You'll thank me later when you don't go postal on your 50th birthday ;) |
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spite48
said @ 2:06am GMT on 9th Aug
Sob as explained is simply tax fraud. You're not actually buying a briefcase for $1000050. You're just pretending to do so to avoid tax. |
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backSLIDER
said @ 7:39am GMT on 9th Aug
I think it's more like "All that money there is in risk so lets put a negative sign in front of it. Now all my numbers add up to 0!" |
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scojam
said @ 3:41pm GMT on 9th Aug
In the old days the million was for transferring out to a number of locations without a trail. The $50 was the keep quiet money and you got to keep the suitcase. |
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Hugh E.
said @ 2:34am GMT on 9th Aug
Don't hate the player ... . - Lindsey Graham |
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Navier-Strokes
said @ 6:07am GMT on 9th Aug
Wait, that was a 5/4 decision? How? That is literally a law that the IRS has 3 years as a statute of limitations on taxes due. I'm not even sure how this warrants the SCOTUS. Is there something I'm missing? Now, as for it's legality, that's a separate question, one I still don't think warrants SCOTUS but rather lower courts. |
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bbqkink
said @ 3:30pm GMT on 9th Aug
Here’s the thing— the IRS only has three years to bring a claim on unpaid taxes. That’s their statute of limitations. The IRS said that they had the power to go back six years when more than 25 percent of the taxpayer’s gross income was involved. They also argued that the extra three years to crack down on these cases was crucial, as Son of Boss cases can be complex. At issue was whether the inflation in the basis was covered under the provision that allowed the IRS to apply the six year statute of limitations. While the district court ruled against the taxpayers, the Fourth Circuit Court of Appeals held in favor of the taxpayers. Wednesday, the Supreme Court agreed. |
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Navier-Strokes
said @ 3:49pm GMT on 9th Aug
I'm still not sure how this is anything other than black and white. If anything, this points at a flaw in the laws as they currently exist, clearly. However, as the law is currently written, it could be 100% of his income, and if 3 years have passed then it's no longer valid to audit. It is literally a one-liner, and the above is the one line. I have a hard time thinking 3 years is insufficient; all they really need to do is red flag anything non-standard. Hell, they could call for an audit, and then reneg if it's nothing, I don't think there's any law against that. |
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bbqkink
said @ 4:07pm GMT on 9th Aug
Under Code Section 6501, an omission of gross income (defined as underreporting of gross income by at least 25 percent) triggers a six-year, rather than the usual three-year, statute of limitations. Generally, the IRS has three years from the later of the original due date or the date on which the taxpayer files their return to assert that the taxpayer owes additional tax. After that, except under unusual circumstances, the IRS is precluded from collecting additional tax for that year. One of those unusual circumstances is an omission of gross income. The IRS has maintained for many years that an understatement of basis can result in an omission of gross income. http://economy.cbh.com/2012/05/supreme-court-rules-overstated-basis-doesnt-result-in-gross-omission-of-income/ |
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ahPook
said @ 11:13am GMT on 9th Aug
Sorry for the downmod but you are overposting about Romney so much I;m starting to think he dumped you in high school. He's a pinhead. |
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bbqkink
said @ 3:55pm GMT on 9th Aug
[Score:2 Informative]
Well people used to think that I over posted about healthcare reform. I posted a lot about it for the same reason I post about Romney..it is important. Romney is a lying little weasel of a man and he is running for president of the United states. No matter where you live in the world this decision will have an effect on you and it will take place in less that 100 days. In case you have overlooked it the winner of this election will have total control over the largest military in the world..by far, nuclear weapons, and the power to start war on his word alone. Whoever wins the election will have a great influence over SCOTUS one that will last decades. They will also have a great deal to say about the growing income inequality and the power that goes along with that. Like I said i think Romney is a lying weasel of a man and anything i can do to expose that I fell is a responsibility. |
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maryyugo
said @ 8:00pm GMT on 9th Aug
Just out of curiosity, why is the Supreme Court referred to as SCOTUS? Seems weird or affected. |
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bbqkink
said @ 8:10pm GMT on 9th Aug
S upreme C ourt O f T he U nited S tates |
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maryyugo
said @ 6:41am GMT on 10th Aug
Uh... thank, CPT Obvious. I meant why bother when it's easier and clearer to just call them the Supreme Court? |
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ahPook
said @ 10:14am GMT on 10th Aug
SCROTUS |
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happiest_sadist
said @ 9:00pm GMT on 11th Aug
That's true, but downmodding the 'kink for 'overposting' anything is doltery. We need more posts and more activity on this site, not less. So there. |
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bbqkink
said @ 7:52pm GMT on 9th Aug
Something you might want to consider next time you order pizza. Don't buy it from this prick. Papa John's CEO Says 'Obamacare' Will Up Pizza Price According to "Papa" John Schnatter, the cost of providing health insurance for all of his pizza chain's uninsured, full-time employees comes out to about 14 cents on a large pizza. The Affordable Care Act only requires employers to offer health insurance to full-time employees, almost 90 percent of whom at large businesses like Papa John's corporate offices are already covered, according to a Treasury Department official. If the pizza company decides not to cover any full-time employees who are not currently insured, it will be hit with a $2,000 fine for each employee beyond the first 30 workers. |
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bbqkink
said @ 8:25pm GMT on 9th Aug
Conservatives go batshit over Romney aids comment about Romney care at the same time expose Fox for what it is. Watch what Ann shouts at 00:35, while Hannity desperately tries to get her back on message after she tells the handful of big money donors bankrolling this whole carnival of clowns they should cut off their funding for Romney: I'm serious. THERE IS NO POINT TO YOU DOING YOUR SHOW. There is no point to us going to a convention and pushing for this man if he is employing morons like this. Now, folks who have been paying attention for the last 15 years or so will not be surprised to learn that FOX is nothing but the propaganda wing of the Republican Party. Yes, I know we all suspected it—some of us were even adamant about it. Visit NBCNews.com for breaking news, world news, and news about the economy http://www.dailykos.com/story/2012/08/09/1118188/-Ann-Coulter-tears-the-mask-off-FOX |
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bbqkink
said @ 8:09pm GMT on 9th Aug
Democrats win in Gop primary elections...what? Visit NBCNews.com for breaking news, world news, and news about the economy |
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