A Errol A. Brett, a Manhattan co-op lawyer, said that tax exemptions under the New York State School Tax Relief Program are personal to a shareholder and must be paid or credited to the shareholder.
Mr. Buffett, whose investment wisdom has left him worth an estimated $28 billion and at No. 4 on Forbes magazine's list of the 400 richest Americans, received a note this past Monday marked "personal" from the shareholder, Lloyd Ternes of Salem, Mass.
In addition to making payments on a personal mortgage, the shareholder pays a monthly maintenance fee, part of which is used to pay the co-op's underlying mortgage, which is secured by the entire building.
Co-op Staff Working For Shareholders Q Our co-op allows our maintenance staff to do paid personal work for shareholders -- things like painting, etc. -- during the hours they are working as paid co-op employees.
The "alter ego doctrine" allows the disregarding of a corporate entity and imposing personal liability on shareholders for corporate obligations when the individual and corporate personalities are essentially one and observing the corporate form would promote injustice or inequity.
L. 86 230 struck out provisions which required receiver to enforce the personal liability of shareholders.
In January, the bank's former chairman, Sean FitzPatrick, resigned after regulators discovered that he had hidden 87 million euros in personal loans from shareholders.
Some economists have pushed to eliminate the corporate tax altogether, replacing it with a tax on individual shareholders' personal income, dividends and capital gains.
Sean FitzPatrick, chairman of Anglo Irish Bank, announced his resignation late Thursday after regulators discovered that he had hidden the personal loans from shareholders.
Mr. FitzPatrick, one of Ireland's most prominent business figures, stepped down in December 2008 from his role as chairman of the bank after regulators discovered that he had been hiding tens of millions of dollars of personal loans from shareholders.
