Tulane Skins Fan Posted August 10, 2012 Share Posted August 10, 2012 And did Romney actually get busted for it? I presume the answer is no, but what is his alleged connection to Son of Boss. Link to comment Share on other sites More sharing options...
HOF44 Posted August 10, 2012 Share Posted August 10, 2012 And did Romney actually get busted for it? I presume the answer is no, but what is his alleged connection to Son of Boss. CNN: Did Romney enable a company's abusive tax shelter? In his key role as chairman of the Marriott board's audit committee, Romney approved the firm's reporting of fictional tax losses exceeding $70 million generated by its Son of Boss transaction. His endorsement of this stratagem provides insight into Romney's professional ethics and attitude toward tax compliance obligations. Link to comment Share on other sites More sharing options...
DjTj Posted August 10, 2012 Share Posted August 10, 2012 And did Romney actually get busted for it? I presume the answer is no, but what is his alleged connection to Son of Boss.Marriott got busted for it while Romney was the Chairman of the Audit Committee for Marriott's Board of Directors.http://www.bloomberg.com/news/2012-02-22/romney-as-auditing-chairman-saw-marriott-son-of-boss-tax-shelter-defy-irs.html Link to comment Share on other sites More sharing options...
JMS Posted August 10, 2012 Share Posted August 10, 2012 And did Romney actually get busted for it? I presume the answer is no, but what is his alleged connection to Son of Boss. I think Marriot got bosted and Romney was on the board of directors and signed some of the forms, that's what Obama's add says. We don't know if Romney himself employed such a tax shelter because Romney hasn't released is tax returns". Statute of limitations has run out on prosecutions for these deals. Timothy Gietner (Obama Treasury Secretary) allegedly used such a tax shelter, and he went back and paid back the taxes even though the statue of limitations had run out sometime before his confirmation hearing. Link to comment Share on other sites More sharing options...
CrabR Posted August 10, 2012 Share Posted August 10, 2012 both sides are dirty liars Link to comment Share on other sites More sharing options...
deejaydana Posted August 10, 2012 Share Posted August 10, 2012 both sides are dirty liars Amen to that. Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted August 10, 2012 Share Posted August 10, 2012 both sides are dirty liars true. I think Marriot got bosted and Romney was on the board of directors and signed some of the forms, that's what Obama's add says.We don't know if Romney himself employed such a tax shelter because Romney hasn't released is tax returns". Statute of limitations has run out on prosecutions for these deals. Timothy Gietner (Obama Treasury Secretary) allegedly used such a tax shelter, and he went back and paid back the taxes even though the statue of limitations had run out sometime before his confirmation hearing. Is this actually an illegal scheme though? If it is, how is this not awful for Romney? And why has this never come up before? Link to comment Share on other sites More sharing options...
JMS Posted August 10, 2012 Share Posted August 10, 2012 Is this actually an illegal scheme though? If it is, how is this not awful for Romney? And why has this never come up before? They are currently illegal, congress passed laws specfically against BLIP, BOSS and Son of BOSS a decade ago.. That didn't make them legal prior to 2000, as the IRS was identifying and prosecuting folks for employing ficticious deductions before congress passed new legislation against the practice. 2005 - According to the IRS, they have collected more than $3.7 billion from taxpayers who voluntarily participated in a parallel civil global settlement initiative called Son of Boss. The BLIPS and SOS shelters are part of the Son of Boss family of tax shelters. However because of the complexity of the dodge they didn't have a 100% sucess in recoving the funds. The only Son of Boss case to reach the supreme court occured this year, but that had mainly to do with whether the statute of limitations had expired or not. Criminally this is irrelivent because the Statute of Limitations would have very likely expired. Electorially this could be devistating. Coarse Mitt will really have to release his taxes to confirm this is even relevent; and Mitt isn't very likely to do that... I will say that if he did tihs there will be a lot of angry Republicans, think of how exhausting the Presidential Primary Debates were, and none of the 11 other candidates doing research on Romney discovered this? Guys like Rick Perry raised a lot of money and I'm sure conducted comprehensive research on Romney. If I were Perry and Gingrich I would be trying to get my money back from those research firms. Can you imagine? Link to comment Share on other sites More sharing options...
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