Romney-isms: Fictitious Tax Shelters

[_grindael]

Hmmm. Seems like your firm was a lot smarter than the guy who wants to be President and audited the "scheme".

[_Nomomo]

Son of Boss was a very complex tax scheme that had it basis in case law. It was used to create a large loss using foreign currency exchanges and typically was used to offset a gain from the sale of a business. It was sold and promoted by many very reputable law firms and a few of the big four accounting firms. It was not a devious scheme because it did have its base in complex tax rules that would be tough for someone who does not do tax law all the time to understand.

Intentionally entering into transactions designed to create fictitious illusory losses to avoid the taxes that are legitimately due on a financial gain is not devious? Your spin in defense of fraudulent, dishonest activity is just that, BS spin.

[_Jason Bourne]

Intentionally entering into transactions designed to create fictitious illusory losses to avoid the taxes that are legitimately due on a financial gain is not devious? Your spin in defense of fraudulent, dishonest activity is just that, b***s*** spin.

I submit such you likely no squat about the practive of tax law, what substantiates authority and what ranks as highest to lowest, how case law sets precedent and can be used to take positions that are reasonable and based in law you should simply shut the hell up in regards to making accusations.

Son of Boss ended up being a bad deal I would agree. However, it was based in good case law and had authority to back it up. Eventually it was overturned and legislation was drafted to close it down.