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 LLCs 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.
Whats more, government attorneys said that as far back as 2010, Solyndra owners had planned meticulously to be able to use Solyndras net operating losses to offset future tax liabilities.
IRS says 'tax avoidance' at heart of Solyndra bankruptcy plan - Washington Times
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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 LLCs 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.
Whats more, government attorneys said that as far back as 2010, Solyndra owners had planned meticulously to be able to use Solyndras net operating losses to offset future tax liabilities.
IRS says 'tax avoidance' at heart of Solyndra bankruptcy plan - Washington Times