TV News LIES

Wednesday, Feb 28th

Last update08:55:09 AM GMT

You are here News Economy Lone accountant takes on IRS and wins

Lone accountant takes on IRS and wins

E-mail Print PDF

Not only that, but tax experts say potentially millions of other taxpayers could benefit from his victory.

The accountant from Baxter, Minn., challenged the method the IRS has used for more than 20 years to tax shares and cash distributed by mutual life insurance firms to their policyholders when they reorganize as public companies.

A federal court recently agreed with his interpretation.

If a company distributed shares worth $30 and a recipient subsequently sold them at $32, under the IRS' view they would pay taxes on all $32. Under Ulrich's interpretation, they would owe taxes only on the $2 per share gain.

More... 


Most Recent Related Stories...


Macy's to close 150 stores in new turnaround effort, forecasts weak 2024 sales

Macy's to close 150Macy's on Tuesday forecast annual sales and profit below expectations and said it would shutter about...

Wall Street notches fresh records as S&P 500 and Dow Jones close at all-time high

Wall Street notches gains at all time high Wall Street scaled fresh records on Monday, as the S&P 500 and the Dow Jones industrial...

S&P 500 closes above 5,000 for first time as US inflation cools

S&P closes above 5000 US stock markets hit another historic high on Friday, with the S&P 500 closing above 5,000...

Wayfair lays off over 1,000 employees weeks after CEO told company to 'work longer hours'

Wayfair layoffs Online home goods retailer Wayfair announced Friday that it is laying off approximately 1,650 employees, representing...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!