ST Alpha - "There were a lot of lawyers and accountants that figured out ways to follow the letter of the law and generate large losses for people that needed it." (Reading a Post)

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In response to "tell me what that is? (I should know, I'm sure. I'm dim.) -- nm" by Huan Van de Camp-Jiminez

There were a lot of lawyers and accountants that figured out ways to follow the letter of the law and generate large losses for people that needed it.

Posted by spamlet Aug 1 '12, 09:56

The IRS started attacking them in 2004-2005 because of the size of the losses (tens of millions of dollars each).

BOSS was a famous one where a partnership would buy and sell offsetting options and claim one side was taxable and the other wasn't. Then it would settle up for nothing and generate a large loss.

There are 34 separate transactions now you have to disclose to the IRS if you participated. The list is below if you need help sleeping at night.

Really interesting to me. Not so much to normal people. (www.irs.gov)

Responses:

This one is potentially interesting because of the discrepancy in timing of when he left Bain. - spamlet Aug 1, 09:59 2
- thanks, I'll read these while I'm waiting for my car to be assessed this afternoon. -- nm - Huan Van de Camp-Jiminez Aug 1, 10:03 1
  - These are the smart people, not the crazy people. If you want crazy (and frankly easier to read) there's the Tax Protester FAQ -- (link) - spamlet Aug 1, 10:07

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There were a lot of lawyers and accountants that figured out ways to follow the letter of the law and generate large losses for people that needed it.

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