What’s the value of a family business? Unless you sell, it’s just a matter of opinion. And where there’s an opinion, there’s a tax-saving scheme. Here’s a recent case involving a family business, a buy-sell agreement, and a pinch of greed leavened with a sprinkle of wishful thinking.
This is from the 8 August 2003 issue of Tax Notes Today: Some major U.S. banks have used bogus regulated investment corporations — which turned loan interest into tax-free dividend payments — to shield nearly a billion dollars from state tax collectors, The Wall Street Journal reported on August 7. This latest shelter scheme exploits…
Senator Hatch has introduced a bill in the Senate to tweak the rules for REITS (Real Estate Investment Trusts). This is undoubtedly due in large part to hard work by Tony Edwards at NAREIT. Most of it does not concern us in the international tax field. But one piece does. Section 201 of the Bill…
The IRS had an amnesty program that ended on April 15, 2003. U.S. taxpayers who had money hidden offshore could come clean with reduced penalties and hugs and kisses from the IRS. Yeah, right. The IRS announced that the Voluntary Compliance Initiative was a stunning success. Over 1,200 people came forward, etc. etc. Yesterday the…