IRS says ‘tax avoidance’ at heart of Solyndra bankruptcy plan

Discussion in 'Politics' started by Vel, Oct 10, 2012.

  1. Vel
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    Vel Gold Member

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    How much security would this boondoggle have paid for?'
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    IRS says ‘tax avoidance’ at heart of Solyndra bankruptcy plan
    By Jim McElhatton-The Washington Times Wednesday, October 10, 2012
    The Internal Revenue Service urged a bankruptcy judge to reject solar panel maker Solyndra LLC’s bankruptcy plan Wednesday, saying it amounts to little more than an avenue for owners of an empty corporate shell to avoid paying taxes.
    “The undeniable conclusion is that tax benefits drive this plan,” attorneys for the IRS wrote in a bankruptcy pleading.
    Arguing that the bankruptcy court ought not confirm a plan “whose principal purpose is tax avoidance,” attorneys said in filings in U.S. Bankruptcy Court in Delaware that the tax breaks would be worth more money than funds set aside for creditors.
    Taxpayers are on the hook for more than a half-billion dollars after the company filed for bankruptcy last year, just two years after winning a loan guarantee from the Department of Energy.
    What’s more, government attorneys said that as far back as 2010, Solyndra owners had “planned meticulously” to be able to use Solyndra’s net operating losses to offset future tax liabilities.


    IRS says 'tax avoidance' at heart of Solyndra bankruptcy plan - Washington Times
     
  2. waltky
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    waltky Wise ol' monkey Supporting Member

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    Granny says, "Mebbe he needs to do a better job o' screenin' `em...
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    Obama: ‘Some of the Businesses We Encourage Will Fail’
    November 1, 2012 – President Obama told a campaign rally that “some of the businesses we encourage will fail” while talking about his plans for increased green energy subsidies in a possible second term.
    See also:

    Battery firm’s bankruptcy threatens high-end carmaker
    Wednesday, October 31, 2012 > The recent bankruptcy of battery maker A123 Systems after it won a nearly quarter-billion-dollar federal grant threatens the business prospects of another well-known government-backed company: luxury car manufacturer Fisker Automotive.
     
    Last edited: Nov 1, 2012

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