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Buffett to testify in trial over IRS denial of tax deduction
Lincoln Journal Star ^
| Associated Press
Posted on 09/28/2005 1:13:19 PM PDT by stan_sipple
Billionaire investor Warren Buffett is expected to testify in the trial of his investment firm's lawsuit accusing the Internal Revenue Service of denying it $16.3 million in tax deductions. The trial began Monday in U.S. District Court after some three years of legal wrangling between Berkshire Hathaway Inc. and the IRS. The lawsuit alleges the IRS made an "erroneous, wrongful and illegal" interpretation of the U.S. Tax Code when it denied the deductions.The IRS disallowed the deductions after tracing $750 million in borrowed money to purchase stocks in several companies, including Coca-Cola Co., Time-Warner and Wells Fargo & Co., according to the lawsuit
(Excerpt) Read more at journalstar.com ...
TOPICS: Business/Economy; Government; US: Nebraska
KEYWORDS: berkshirehathaway; irs; liberals; limousine; nebraska; taxes; warrenbuffett
Nice to see billionaire limousine liberal Warren Buffett practicing what he preaches
Oh...I thought it was JIMMY Buffett....
posted on 09/28/2005 1:13:44 PM PDT
(What part of ILLEGAL immigration do they not understand?)
LOL easy to confuse them eh?
Me too...I thought he pulled a Willie Nelson.
posted on 09/28/2005 1:57:51 PM PDT
(I looted New Orleans and all I got was 40 of these lousy taglines.)
He is too good a business man for that. Peanut Butter Conspiracy!
posted on 09/28/2005 2:03:52 PM PDT
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