Posted on 10/10/2012 4:49:21 PM PDT by Oldeconomybuyer
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.
What’s more, government attorneys said that as far back as 2010, owners had “planned meticulously” to be able to use Solyndra’s net operating losses to offset future tax liabilities.
“The only reason for the shell corporation to exist post-confirmation is to enable its owners to exploit these tax attributes, which would be lost in liquidation,” the IRS argued in court papers.
But the IRS said in court papers there was little reason for the shell company to even exist other than to help the owners avoid taxes. Argonaut is the investment arm of a family foundation headed by Oklahoma businessman George Kaiser, who was a fundraiser for Mr. Obama’s 2008 presidential campaign. Madrone has ties to the family that owns Wal-Mart.
(Excerpt) Read more at washingtontimes.com ...
I wonder how much the top brass at these welfare queen corps were paid? How much they funnelled back to the Obama campaign?
Only Bain Capital is evil.
They got half-a-bil from the taxpayers, so I'm guessing they were getting nicely compensated. They never delivered a damn thing to a customer. They had about a hundred thousand square feet of manufacturing space in Silicon Valley, most of which was empty.
The whole thing was for show. One big scam. One of many.
Starve the beast.
It’s called “money laundering.” I’m surprised Turbo Tax Timmy Geithner hasn’t instructed his attorneys to back off on opposition to the bankruptcy plan. The whole point of the exercise was to let 0bama’s supporters make of with the cash.
This is money from the taxpayers, corporate welfare queens trying to protect their ill-gotten cash from bankruptcy
Or how much was funneled to O’s new multi-million waterfront home in Hawaii.
and America takes another one in the........
Wow! Did not see that one coming.
Can’t believe I’m actually happy for the IRS either.
The idea of a bankruptcy is to be fair to creditors, dividing up the credit in a fair way, and to be fair to the debtors, dividing up the debt in a fair way. The IRS is a debtor. The tax credits should be divided up by the creditors.
Screw the IRS.
Absolutely. If we had a few million people in this country that refused to file an income tax return and refuse to send the bastards any more of our money, it would snowball into the biggest tax revolt in history.
I say let the bastards freeze in the dark and feed em fish heads!
That's the crux of the biscuit.
I'll wager that a large part of the $ the kenyan has given to "green" companies, most of which do go the way of Solyndra, wind up in his campaign coffers.
and don’t forget the “stimulus”
i am not for crony capitalism, but tax avoidance isn’t against the law - you use the law to make are your taxes are lower. nothing wrong with paying the least amount you legally have to.
i wonder if they saw someone on solyndra’s board applauding steve wynn’s latest barrage at obama.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.