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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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Below, you will find ...

Most Recent Articles posted by "mambo 5"

and

Most Active Articles (last 48 hours)




Most Recent Articles posted by "mambo 5"



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Obama´s manufacturing initiative
Chicago Tribune, by Melissa Harris and Christi Parsons    Original Article
Posted By: mambo 5- 2/23/2014 12:05:21 PM     Post Reply
Chicago will be the site of a digital manufacturing institute backed by $70 million in federal money and another $250 million in private and other government funding, giving the city, once a factory town, a better chance to re-establish its credentials as a modern maker of things. The decision, to be announced officially Tuesday by President Barack Obama, was hotly anticipated by city and state officials who recognized the opportunity to jump-start high-tech manufacturing as a core component of Chicago’s economic vision.

Obama says odds of final Iran
deal not ´more than 50-50´
Fox News, by Staff    Original Article
Posted By: mambo 5- 12/8/2013 5:51:34 AM     Post Reply
President Obama said Saturday that he believed that the chances of a final, comprehensive nuclear agreement being struck with Iran are less than 50-50. However, Obama defended the interim deal struck between the U.S., Iran, and five other world powers last month in Geneva, saying that diplomacy had to be tested as a solution to the crisis and was the best way to prevent Tehran from acquiring automatic weapons. "If you ask me what is the likelihood that we´re able to arrive at the end state ... I wouldn´t say that it´s more than 50-50," Obama said. "But we have to try."

ObamaCare backer cited by
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FoxNews, by Staff    Original Article
Posted By: mambo 5- 11/19/2013 3:48:10 PM     Post Reply
How affordable is the Affordable Care Act? Not very, it would seem for Washington state resident Jessica Sanford. The self-employed single mother was cited last month as an ObamaCare success story by President Obama in the Rose Garden. But according to Washington State Wire, she´s now finding out she doesn´t qualify for the tax credits she was originally told she´d get. Sanford, who told the news site she hasn´t had health insurance in 15 years, initially said she was excited by the prospect of purchasing a policy for her and her son under ObamaCare. Before ObamaCare, Sanford was getting health insurance rate

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Agence France-Presse (AFP), by Staff    Original Article
Posted By: mambo 5- 10/21/2013 5:56:11 AM     Post Reply
France and Mexico have angrily demanded prompt explanations from Washington following fresh, "shocking" spying allegations leaked by former US security contractor Edward Snowden. The reports in French daily Le Monde and German weekly Der Spiegel revealed that the National Security Agency secretly recorded tens of millions of phone calls in France and hacked into former Mexican President Felipe Calderon´s email account. French Interior Minister Manuel Valls described the revelations in Le Monde newspaper as "shocking", in an interview Monday with Europe 1 radio.

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FoxNews, by Melissa Chrise    Original Article
Posted By: mambo 5- 10/9/2013 10:56:23 AM     Post Reply
ObamaCare may have its skeptics, but one group is decidedly optimistic -- prison inmates. "At least 50 percent of the [prison] population has symptoms of mental health disorders," said Brad Brockmann, executive director of the Center for Prisoner Health and Human Rights at Brown University. "With Medicaid expansion, we have an incredible opportunity to take care of the very neediest, the very poorest while freeing up huge amounts of money within the states through not having to provide that care in correctional settings."

   

 

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over next 10 years
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Posted By: mambo 5- 10/9/2013 4:20:42 AM     Post Reply
President Obama has made many promises about his signature health care plan, but one of the simplest was an assurance that it would lower national health care spending and save every family thousands of dollars. For example, in May 2009 he hailed "comprehensive health care reform -- so that we can do what I pledged to do as a candidate and save a typical family an average of $2,500 on their health care costs in the coming years." But now government actuaries have reached a different conclusion, finding that ObamaCare will actually increase health care spending by $621 billion over the next

Feds indict Obama friend Eric
Whitaker’s former chief of staff
Sun-Times [Chicago, IL], by Chris Fusco & Dave Mc Kinney    Original Article
Posted By: mambo 5- 8/8/2013 1:13:28 AM     Post Reply
A federal grand jury on Wednesday indicted Quinshaunta R. Golden — a onetime top aide to Dr. Eric E. Whitaker, one of President Barack Obama’s closest friends — on bribery, theft and fraud charges, accusing her of embezzling about $433,000 in state health department funds. The money from the kickback scheme began flowing to Golden in July 2007, when Whitaker headed the Illinois Department of Public Health, and Golden was his chief of staff, the indictment alleges. It allegedly kept flowing until October 2008, by which time Golden and Whitaker had left state government

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FoxNews, by Barnini Chakraborty    Original Article
Posted By: mambo 5- 5/10/2013 12:22:09 PM     Post Reply
Around the same time the nation was transfixed on the hunt for the Boston Marathon bombers last month, thieves on the other side of the country pulled off a little-noticed heist -- swiping 559 pounds of explosives from a federal storage facility in Montana. As of Friday, not one ounce of it has been found. The incident, federal officials believe, was not terrorism-related. But it´s the latest to raise security concerns in an age when authorities are warning about the desire of violence-bent terrorists to inflict mass casualties with bombs.

Obama sends Congress $3.77T
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FoxNews, by Staff    Original Article
Posted By: mambo 5- 4/10/2013 11:10:26 AM     Post Reply
President Obama found himself weathering bipartisan broadsides Wednesday as he sent Congress his 2014 budget proposal, which in its effort to please both sides of the aisle has ended up angering both. The budget arrived on Capitol Hill Wednesday morning, delivered 65 days after the legal deadline. The $3.77 trillion spending plan, which is over 2,000 pages, tries to curb deficits by further raising taxes on top earners and reining in the growth of Social Security.

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Reuters, by Steve Neavling    Original Article
Posted By: mambo 5- 3/11/2013 1:14:47 PM     Post Reply
Former Detroit Mayor Kwame Kilpatrick, once seen as a rising star in Democratic Party politics, was convicted on Monday on two dozen federal charges of corruption and bribery while in office. U.S. prosecutors accused Kilpatrick, 42, his father and a city contractor of widespread corruption, extorting bribes from contractors who wanted to be awarded or keep city contracts, turning the mayor´s office into "Kilpatrick Incorporated" during his seven year tenure.

   

 

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IRS moves to collect billions
in fees from healthcare law
The Hill, by Ben Goad    Original Article
Posted By: mambo 5- 3/2/2013 3:09:22 AM     Post Reply
The Internal Revenue Service on Friday unveiled its proposal to raise tens of billions of dollars through annual fees on health insurers, prompting fierce criticism from industry groups who warn the costs will be passed along to consumers. The proposed rule from President Obama´s healthcare law will be published for public consideration in Monday’s Federal Register. The rule would assess annual fees on most insurers that would total $8 billion next year and rise thereafter, eclipsing $14 billion in 2018, according to the IRS.

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Posted By: mambo 5- 2/28/2013 4:51:20 PM     Post Reply
Another member of the Washington political media stepped forward Thursday to claim he was threatened by the Obama White House, shortly after the White House denied reports that an adviser threatened famed Watergate journalist Bob Woodward. The latest claim comes from Lanny Davis, who served as counsel to former President Bill Clinton and later went on to write a column for The Washington Times.



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Posted By: Dreadnought- 3/30/2014 9:41:50 AM     Post Reply
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Daily Mail [UK], by David Martosko    Original Article
Posted By: Attercliffe- 3/30/2014 11:50:49 AM     Post Reply
Former U.S. Senator Bob Kerrey thinks President Barack Obama, a fellow Democrat, was re-elected in 2012 because he ´sucked less´ than former Massachusetts Gov. Mitt Romney. The Nebraskan straight-talker told MailOnline in an exclusive interview that Obama isn´t up to the job of bringing liberals and conservatives to the table to rescue America´s slowly choking entitlement programs. And Obama, he said Wednesday in his Manhattan office, knew full well he was lying when he promised that the Affordable Care Act would allow Americans to keep insurance plans they liked. ´He had to know he was misleading the audience,´ Kerrey said

   

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