Oddly enough, though -- this one actually. . . is.
See my original reporting of it, in August of 2009, right here. In any event, here is the current Fox-Biz story -- and a snippet from the legacy Schering-Plough/New Merck item:
. . . .Curbing High-End Tax Shelters
During the past year, the Tax Division has continued its civil and criminal enforcement efforts against the promoters and facilitators of abusive tax shelters. Abusive shelters for large corporations and high-income individuals have cost the U.S. Treasury many billions annually, according to Treasury Department estimates. The Tax Division has had great success in federal court defending the U.S. Treasury against tax shelter-related claims of large companies and individual investors, and in prosecuting promoters of these abusive transactions. Among the successes during the past year in this area. . . .
In August 2009, a federal court in New Jersey denied Schering-Plough's $473 million refund claim, finding that its attempted repatriation of foreign-earned income using certain interest rate swap agreements was without economic substance. . . .
Just couldn't resist re-running my original graphic (at left; click to enlarge), when this story first broke, last summer.
नमस्ते
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