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First time I have seen this news item other than via NewsMax. I wonder if it will gain any traction. I would really like to see the actual legislation and see how this loophole was provided. Is there a "smoking gun" so to speak?

It's based on the NewsMax article.

As far as I know, there is no "smoking gun" or actual legislation. This comes out of Kerry's March campaign proposal to reform the way U.S. corporations with foreign subsidiaries are taxed. Flip-Flop hasn't shown up in the Senate enough to put it on the floor or get a vote (it probably wouldn't make it out of the Senate Finance Committee, anyway, in an election year).

I wonder if it will gain any traction. I would really like to see the actual legislation and see how this loophole was provided.

Here's the Detroit News story. Maybe the loophole has to do with the following:

"He also would allow companies to defer taxes when they located a business in a foreign country that serves that nation’s markets. A U.S. company seeking the tax break could open a car factory in India to sell cars in India, for example, but could not relocate abroad to sell cars back to the United States or Canada."

Since National Review picked up this story, there may be something to it. Also, Kerry's wife certainly is acting as though she has something to hide when she refuses to follow normal financial disclosure practices, so Kerry is on very thin ice to begin with.