Re:An Oil Spill Helped One Billionaire Avoid Paying Income T...
by vanusa on Friday December 10, 2021 @07:45PM
(#29517290)
Jeez, man -- you say "giving" here like it was a charitable contribution.
In reality it was a negotiated settlement to avoid (I am assuming) criminal penalties. The point of the article was that it was only because of a loophole in the tax code that she was able to pass this settlement (a huge fine, basically) as an operating "loss".
Think about that for a second. Suppose you misfile your taxes (intentionally or otherwise), and get hit with a $20k fine by the IRS. Do you get to write that $20k off as a "loss"? In exchange for "giving" that $20k to the government?
In reality it was a negotiated settlement to avoid (I am assuming) criminal penalties. The point of the article was that it was only because of a loophole in the tax code that she was able to pass this settlement (a huge fine, basically) as an operating "loss".
Think about that for a second. Suppose you misfile your taxes (intentionally or otherwise), and get hit with a $20k fine by the IRS. Do you get to write that $20k off as a "loss"? In exchange for "giving" that $20k to the government?