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Monthly Archives: October 2012

Payments to Former Owner Not Disguised Purchase Price Payments

Payments to the former owner of an insurance brokerage business were not disguised purchase price payments, the U.S. Tax Court held Oct. 15 (H&M Inc. v.Commissioner, T.C., No. 16612-09, T.C. Memo. 2012-290, 10/15/12).   The owner of H&M Inc., a small corporation, sold its insurance brokerage business to a bank, then went to work for the…
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Another Whistleblower Gets Millions for Exposing Tax Avoidance Schemes

Chicago Tribune A tax whistleblower received a $2 million reward from the Internal Revenue Service for his role uncovering an alleged multimillion-dollar tax-avoidance scheme attempted by Illinois Tool Works Inc in the late 1990s. The informant is a Wall Street banker who remained anonymous to protect his career. Last year, the IRS Whistleblower Office awarded…
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Less than Half of the Estates Owe Tax In 2011

  Since 2001, the filing threshold has gradually increased from $675,000 for 2001 deaths to $3.5 million for 2009 deaths. The estate tax was temporarily repealed for 2010 deaths, but was later reinstated on a retroactive basis with a $5.0 million exemption level and a top marginal tax rate of 35 percent. This exemption level…
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