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Title: "IRS says ‘tax avoidance’ at heart of Solyndra bankruptcy plan" Post by: WhiskeyGirl on October 11, 2012, 01:44:22 PM Don't these folks want to pay taxes? Pay their fair share? Give half a billion dollars back to taxpayers?
Quote What’s more, government attorneys said that as far back as 2010, Solyndra owners had “planned meticulously” to be able to use Solyndra’s net operating losses to offset future tax liabilities. “The only reason for the shell corporation to exist post-confirmation is to enable its owners to exploit these tax attributes, which would be lost in liquidation,” the IRS argued in court papers. One owner valued the so-called tax attributes at $150 million, dwarfing the $7 million to $8 million set aside by the reorganization plan for unsecured creditors, according to the government’s objection, which was filed by the Justice Department on behalf of the IRS ... But the IRS said in court papers that there was little reason for the shell company to exist other than to help the owners avoid taxes. Argonaut is the investment arm of a family foundation headed by Oklahoma businessman George Kaiser, a fundraiser for Barack Obama’s 2008 presidential campaign. Madrone has ties to the family that owns Wal-Mart Stores Inc. read more here - http://www.washingtontimes.com/news/2012/oct/10/irs-says-tax-avoidance-heart-solyndra-bankruptcy-p/ (http://www.washingtontimes.com/news/2012/oct/10/irs-says-tax-avoidance-heart-solyndra-bankruptcy-p/) Walmart family and George Kaiser need more tax loopholes? I wonder how many 'tax avoidance' bonuses/sweepstakes were given away in bankruptcy court under Obama's watch? 'Rich people need to pay more' or 'Rich people need to pay their fair share' |