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"So while a significant percent of our population would have voted to remain limited equity for philosophical reasons, there is no question the tax impact played a significant role.
The US Treasury said: "We believe that retroactive tax assessments by the Commission are unfair, contrary to well-established legal principles, and call into question the tax rules of individual member states". Last week the Treasury warned that the European Commission was in danger of becoming a "supranational tax authority".
Without question, the tax foreclosure auction is a significant opportunity for Detroiters and outsiders alike to become property owners in the city.
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In the 1980s the U.S. Internal Revenue Service began to question the tax-free status of Hughes Aircraft.
"We think this case calls into question the tax-exempt status of a number of tax-exempt organizations," VSP's general counsel, Thomas Fessler, said Tuesday.
While both the ruling and the summons questioned the tax benefits of the program, neither called it fraudulent or illegal.
Given these developments, it will be interesting to see if the I.R.S.'s Whistleblower Office questions the tax benefit reaped by Fairfax.
VANGUARD also questions the tax efficiency of exchange-traded funds, citing several that have had sizable capital gains distributions, which are taxable.
When Dutch goalkeeper Ronald Waterreus negotiated his contract to join Rangers, in 2005, his agent questioned the tax scheme.
In that same year, Congress addressed the secondary question of the tax rate that applied to capital gains.
"The Conservative Party cannot talk about new politics or transparency unless it answers the central question about the tax status of its chief fundraiser, Lord Ashcroft," he said.
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