{"id":7828,"date":"2019-04-09T22:10:28","date_gmt":"2019-04-09T22:10:28","guid":{"rendered":"http:\/\/onthe8spot.com\/?p=7828"},"modified":"2019-04-09T22:10:28","modified_gmt":"2019-04-09T22:10:28","slug":"the-top-0-5-underpay-50-billion-a-year-in-taxes-and-crushed-the-irs-plan-to-stop-them-propublica","status":"publish","type":"post","link":"http:\/\/onthe8spot.com\/index.php\/2019\/04\/09\/the-top-0-5-underpay-50-billion-a-year-in-taxes-and-crushed-the-irs-plan-to-stop-them-propublica\/","title":{"rendered":"The Top 0.5% Underpay $50 Billion a Year In Taxes and Crushed the IRS Plan to Stop Them \u2014 ProPublica"},"content":{"rendered":"
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To pay for Continental, Schaeffler Group borrowed about 11 billion euros from a consortium of banks. At the time, Schaeffler\u2019s lenders, including Royal Bank of Scotland, were desperate, too, having suffered enormous losses on home mortgages. They wanted to avoid any more write-downs that might result if the company defaulted on the loans. So in 2009 and 2010, Schaeffler\u2019s lenders restructured the debt in a devilishly complex series of transactions.<\/p>\n

By 2012, these maneuvers had caught the eye of the Global High Wealth group. Paul Doerr, an experienced revenue agent, would head the audit. Eventually, the IRS discerned what it came to believe was the transaction\u2019s essence: The banks had effectively forgiven nearly half of Schaeffler\u2019s debt.<\/p>\n

To the IRS, that had significant tax implications. In the wealth team\u2019s view, Georg Schaeffler had received billions of dollars of income \u2014 on which he owed taxes.<\/p>\n

The auditors\u2019 view reflects a core aspect of the U.S. tax system. Under American law, companies and individuals are liable for taxes on the forgiven portion of any loan.<\/p>\n<\/blockquote>\n

Source: The Top 0.5% Underpay $50 Billion a Year In Taxes and Crushed the IRS Plan to Stop Them \u2014 ProPublica<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

To pay for Continental, Schaeffler Group borrowed about 11 billion euros from a consortium of banks. At the time, Schaeffler\u2019s lenders, including Royal Bank of Scotland, were desperate, too, having suffered enormous losses on home mortgages. They wanted to avoid any more write-downs that might result if the company defaulted on the loans. So in … <\/p>\n

Continue reading “The Top 0.5% Underpay $50 Billion a Year In Taxes and Crushed the IRS Plan to Stop Them \u2014 ProPublica”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62],"tags":[],"class_list":["post-7828","post","type-post","status-publish","format-standard","hentry","category-personal-angol"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts\/7828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/comments?post=7828"}],"version-history":[{"count":0,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts\/7828\/revisions"}],"wp:attachment":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/media?parent=7828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/categories?post=7828"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/tags?post=7828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}