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Re: Late message TU

Aug 19, 1997 04:12 AM
by ramadoss


At 10:08 PM 8/18/97 -0400, Bart Lidofsky wrote:
>Ken Malkin wrote:

> Then the IRS would stick their nose in, probably find reason to look at
>> the TS in a manner the management would not desire to have occur, the
>> 'State of Illinois' would have their look, the statute of limitations
>> has not run on the by-law changes, of course the US Justice Department
>> their walk around, all Bart, I'm sure, you are well familiar with.
>
>	Then why don't you inform the IRS? Isn't there a reward for turning in
>tax violators? That way, you make money instead of it costing you money.
>
>	Bart Lidofsky

        IRS pays a lot of attention to large tax evaders and it is where
they give you reward, if they ultimately get to collect the taxes. Even then
it is very meager and is based on the taxes they collect and not on fines
and penalties. 

        As for violations of tax exempt law by tax exempt entities are
concerned, usually they end up with penalties or even loss of tax exempt
status. No reward is offered in such cases. However, investigations on tax
exempt entities, once IRS gets started, it could mean a lot of trouble and
again means a lot of expense to the organization in having to hire (high
priced) accountants and tax attorneys to defend themselves.

        Third point I want reemphasize is that usually *any* litigation is
very expensive and can go on for a long time. For example Krishnamurti
Trusts litigation went on for 18 (eighteen) years and ended only after
Krishnamurti died. No one knows how much money was spent on lawyers over the
18 year period. Must have been quite substantial.

        mkr


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