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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?
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