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  Topic: IRS says ‘tax avoidance’
at heart of Solyndra
bankruptcy plan
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IRS says ‘tax avoidance’
at heart of Solyndra
bankruptcy plan

Washington Times, by Jim McElhatton

Original Article

Posted By:mambo 5, 10/12/2012 8:31:54 AM

The Internal Revenue Service urged a bankruptcy judge to reject solar panel maker Solyndra LLC’s bankruptcy plan Wednesday, saying it amounts to little more than an avenue for owners of an empty corporate shell to avoid paying taxes. “The undeniable conclusion is that tax benefits drive this plan,” attorneys for the IRS wrote in a bankruptcy pleading. Arguing that the bankruptcy court ought not confirm a plan “whose principal purpose is tax avoidance,” attorneys said in filings in U.S. Bankruptcy Court in Delaware that the tax breaks would be worth more money than funds set aside for creditors.

Comments:
Delaware.....Joe Biden's Delaware? An interesting place to be holding a bankruptcy proceeding for a company that was physically in California.

      


Post Reply  

Reply 1 - Posted by: not so little nell, 10/12/2012 8:54:23 AM     (No. 8927838)

I read this and instantly thought of the plotline of the movie "The Producers".

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Reply 2 - Posted by: Robinsolana, 10/12/2012 9:10:25 AM     (No. 8927879)

Obama and his green subsidy OBundlers, corrupt and corrupting.

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Reply 3 - Posted by: Attila DiMedici, 10/12/2012 9:25:09 AM     (No. 8927917)

Just reading this article told me a lot about what is wrong with our economy. Something that is not Obama's fault. Net operating losses ARE losses. They should never be viewed as assets. If our tax code and regulatory environment has (and it has) created a situation in which losses are assets, there is a fundamental structural flaw in our economy.

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Reply 4 - Posted by: O.S. Banker, 10/12/2012 9:28:59 AM     (No. 8927936)

IF the money quote is verbatim, the IRS Attorney's have lost the argument. Accounting 101: Tax evasion is a crime. Tax avoidance is asset preservation through aggressive management.

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Reply 5 - Posted by: mc squared, 10/12/2012 10:17:08 AM     (No. 8928073)

Doesn't everyone avoid tax when they can? I saved a half-mil by registering my yacht in Rhode Island instead of Mass.

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Reply 6 - Posted by: lylacat, 10/12/2012 12:02:30 PM     (No. 8928345)

The Solyndra deal was a stinker from the beginning. 0bama gave millions of dollars to a failing company; he knew it was failing, but he did it anyway, since his bundlers and friends would reap the benefit of these millions. 0bama then rewrote contract law so that the taxpayers would be the last to get their money back; first in line were his friends who would run the company. Then when the company went bust, 0bama's friends stayed on and milked every dime out of it they could; now they do not want to pay the taxes. They should go to prison.

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