Skip to: Content
Skip to: Site Navigation
Skip to: Search

THURSDAY, NOVEMBER 26, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


1

Madoff, Stanford Victims Can Get Break From IRS

Taxpayers may deduct up to 95% of Ponzi losses: commissioner

Share

(Newser) – Victims of Ponzi schemes—including those perpetrated by Bernard Madoff and R. Allen Stanford—can claim big deductions on their taxes, the IRA commissioner told lawmakers today. The matter, unclear in the tax code, had been a concern for victims, the New York Times reports. The IRS “is issuing guidance articulating the tax rules that apply and providing ‘safe harbor’ procedures,” Douglas Shulman said.

The losses will be labeled theft losses instead of capital losses, meaning a bigger break for most, Bloomberg adds. Madoff investors who aren’t suing him can deduct 95% of their lost cash and claim the rest later; those who are suing can claim a 75% deduction.

IRS Commissioner Douglas Shulman arrives on Capitol Hill today to testify before the Senate Finance Committee hearing on tax issues related to Ponzi schemes.
IRS Commissioner Douglas Shulman arrives on Capitol Hill today to testify before the Senate Finance Committee hearing on tax issues related to Ponzi schemes.   (AP Photo)
Bernard Madoff arrives at Manhattan federal court March 12, 2009.
Bernard Madoff arrives at Manhattan federal court March 12, 2009.   (AP Photo)
Sir R. Allen Stanford poses at the Lords Cricket Ground in London in this 2008 photo.
Sir R. Allen Stanford poses at the Lords Cricket Ground in London in this 2008 photo.   (AP Photo)
« Prev« Prev | Next »Next » Slideshow
1 comment
VIEWING:
 
Reader61083884
May 4, 09 7:34 AM CDT
Pictet & Cie.- claim they are the “Rolls Royce”of swiss banks. Swiss Banks or more correctly Swizz banks. Swizz. ---- “ a fraud ” or “ a great disappointment.” Fraud. ---“ an intentional deception or dishonesty.”— “a crime.” Crime. ---“ an act committed or omitted in violation of a law.” Serious Crimes . Conspiring to pervert the Course of Justice. Perverting the Course of Justice. Contempt of Court. The Establishment “ Cover up crimes”. The ‘Doyens’ of the establishment.’ ( Ivan Pictet and Monty Raphael.) Ivan Pictet. Managing partner in Pictet & Cie Bank .--- Switzerland. President of the Geneva Financial Centre. World Bank.committee member. United Nations. Investment Committee member, Vice President – Global Humanitarian Forum. Member of the Henokiens. Blackstone Group --- Board Member. Past- President – Geneva Private Bankers association. Past –President – Geneva Chamber of Commerce and Industry. Monty Raphael. Quote.” ---- Doyen of U.K. Fraud lawyers. Consultant & Head of Fraud and Regulatory Dept. Member of Board of Directors of the Fraud Advisory panel. Member of the Law Society of England & Wales. International Bar Association Member. Past President—London Criminal Court Solicitors Association. Past Chairman ---of Anti Corruption Committee. Founder of Business Crime Committee of the International Bar Association. Reply
Vote up! Vote down!
0
LEAVE A
COMMENT
Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.