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Posted on 07/21/2010 6:01:14 PM PDT by george76
Agency's $325 Million Mistake Means Vi No Longer Owes Over $128 Million.
The IRS disclosure, made in a recent federal tax court filing, appears to end the agency's effort to collect over $128 million in back taxes and penalties from the company. The agency's reversal came even though it continued to defend its underlying position: that so-called "entrance fees" paid by incoming retirement-community residents can be treated as taxable income.
Vi was founded in 1987 by Penny Pritzker, who remains its chairman. She is a leading member of the Chicago-based Pritzker business dynasty.
(Excerpt) Read more at online.wsj.com ...
Penny Pritzker served as National Finance Chair for the Barack Obama presidential campaign and was co-chair of the 2009 Presidential Inauguration Committee.
Pritzker earned her bachelor’s degree in economics from Harvard University
http://www.viliving.com/company/executive-management/chairman-and-founder
Gee. Lucky for her! /s
This is why tax attorneys are needed.
Pritzker was one of Obama’s Financial Campaign Managers...If I recall correctly.....hhmmmmm
Mmm ... mmm ... mmmmmm ...
Pritzker is a member of 0bama Economic Recovery Advisory Board .
Harvard must be handing out degrees in con-artistry and ineptitude.
Gotta just LOVE those Harvard-oides!!!
Now I wonder how that happened?
Incredible article about her from Bloomberg... fascinating and sickening at the same time. Just another member of Crime Inc.
http://blogs.suntimes.com/sweet/2008/08/the_power_of_penny_pritzker_bl.html
Isn’t she also BO soul mate...Mo friend,...best half or something.
The New Black Panther case.
The Penny Pritzker case.
And then there was that basketball player in Sacramento.
Nobody goes to jail if they be friends of the King.
Now we are thanking the IRS in a court case for not robbing the public.Pretty sick!
Secretary of Commerce vs. IRS tab ... hmmm.
http://latimesblogs.latimes.com/washington/2008/11/obama-pritzker.html
Penny Pritzker, Obama’s finance chair, said to be Commerce choice
November 19, 2008
Add another one to the list of congressional hearings after November. The lawlessness of this administration is starting to fill pages and pages of legal notebooks somewhere...(wink).
That’s quite a racket they have going there in the retirement community.
If I understood the article, they force incoming retirees to “deposit” sometimes MILLIONS of dollars in order to get a room. I presume the deposits can then be used to pay their monthly fees, but I didn’t read that.
Eventually, the people die, or I guess move out. Then they can get a refund of the “deposit”. Except they won’t return your deposit until they re-rent your room. Which can take years.
The IRS said that the payments were actually entrance FEEs, and were therefore taxable income. Vi argued that since most of them were returned eventually, they were deposits, and should be treated like interest-free loans.
No mention of whether the IRS charged Vi for the fair market value of the free loans; or whether the IRS went after the retirees for the interest they weren’t getting (if you give your kids an interest-free loan, you will owe tax on the interest you should have collected).
Now people are suing her to get their deposits back, because with California going broke she’s having trouble renting rooms.
I can’t fathom people paying their life savings as a “deposit” to get into a retirement community, but I guess that’s california for you.
It must be nice to spend some time and a little money to get a guy elected who can save you a hundred million in taxes.
Not the “public”...an Obama pal....
Hello?
Not the “public”...an Obama pal....
Hello?
Yep, they are just like the Hemor-oides!!!
Gotta just LOVE those Harvard-oides——like Pritzker.
As William F Buckley famously said: “I would rather be governed by the first 100 names in the phone book than by the Harvard faculty.”
Pritzker family is really two families. Bob Pritzker founded and built The Marmon Group, comprising 70+ companies. The other Pritzkers are all involved with the Hyatt Chain. The two families are not on good terms with each other and don’t share the same politics.
It never ceases to amaze me how so many wealthy people are so enamored with Marxism and Socialsm. Do they even realize what they are for? Income redisribution and property ownership don’t exist in that world. That means THEIR money and THEIR property. They may have special favors NOW (for the Marxists to gain power); but they will suffer the same fate as everybody else. “Doctor Zhivago” or “Reds” show what happens under Marxism.
The predatory lender Pritzker was big in the “sub prime” mortgage business that croaked the American economy.
Naturally, Obama gave her a big job in his campaign, and was considered by him to be the Secretary of Commerce in his administration..
http://www.theobamafile.com/_associates/PennyPritzker.htm
Thanks.
I'm curious about that too.
Imputed interest is one of the IRS's favorite "gotcha" rules.
” As William F Buckley famously said: “I would rather be governed by the first 100 names in the phone book than by the Harvard faculty.””
NATIONAL REVIEW
Born November 1955
Died Feb, 2008.
RIP WFB
She belongs in jail with Blago,Zero and Rezko not to mention Alexi/
From the Bloom article:
“All told, the Pritzker empire is worth as much as $40 billion, a person familiar with the situation estimates.
The family’s offshore accounts prevent anyone from getting a complete picture of their wealth. In 1986, when Abram Pritzker died, his heirs claimed an estate worth $25,000. The Internal Revenue Service sued to collect $53 million in back taxes. The two sides settled in 1994 for $9.5 million, according to U.S. Tax Court records.
In his campaign, Obama says he wants to crack down on overseas tax havens and stop allowing hedge funds to pay a 15 percent capital gains rate on most income, rather than the 35 percent income tax rate.
``The top 50 hedge fund managers made $29 billion last year,’’
Obama said in Philadelphia in April. ``That’s not fair.’’
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