Enkel
August 26, 2012, 8:51pm
703
So, Romney WAS ACTIVE WITH BAIN UP UNTIL 2010… or so he’s telling the IRS.
Romney’s 2010 tax return lists $301,630 in “trade or business interest” deductions and $503,737 in “trade or business expense” deductions – all of it described as expenses from his business partnerships, including Bain. Specifically from his various Bain-related activities, Romney scored a total of $547,525 in such deductions.
These kinds of deductions are only available to “active” participants in business partnerships. While Romney filed as an active participant for tax purposes, there is no evidence that he took part in Bain management decisions in 2010, and he has denied doing so.
So, I guess Mormon Bishops are fine with lies?
The IRS advises that “[f]actors that indicate active participation include making decisions involving the operation or management of the activity, performing services for the activity, and hiring and discharging employees. Factors that indicate a lack of active participation include lack of control in managing and operating the activity, having authority only to discharge the manager of the activity, and having a manager of the activity who is an independent contractor rather than an employee.”
This active vs non-active makes a retroactive retirement make more sense. He gets the tax write offs for active management, then later papers over it to make his politics look good. Oh, to be rich enough to afford a [del]time machine[/del] stable of attorneys to do your bidding.
elucidator:
Hell, Sermon on the Mount is just all about entrepreneurship and capital gains, read it the right way. And that whole fishes and loaves thing, nothing more than demonstrating the miracle of compounded interest.
Snerk
I just want to know how it was they just happened to have twelve baskets for collecting leftovers in, if nobody brought food…
Wow, I am …shocked…no wait, what is the opposite of shocked…
