Memorize

Question 0

How did Hillary Clinton reduce fed income tax on her bonus?

Answer 0

Had her bonus paid to her in 1992, rather than early 1993 (tax rates went up in 1993)

Question 1

Three things your brother can do to avoid double tax

Answer 1

1. Pay himself a high salary to reduce the corporate income tax to zero
2. Pay high salaries to relatives (kids, spouse)
3. Purchase perks for personal use with corporate money

Question 2

How did Texas software company reduce their state income liabilities?

Answer 2

Collected license fees from the state operating entities and charged a license fee at a price that reduced the taxable income in the various states thereby reducing the amount of taxable income in various states

Question 3

How did the AZ aluminum smelting corp increase the ATAX wealth of the owner?

Answer 3

Made a variety of constructive dividend payments to the owner (rent, consulting fees)

Question 4

What was the flaw in the WSJ analysis of the price paid per subscriber by cox cable when it bought gannets tv business?

Answer 4

WAJ story failed to account for the value of incremental tax savings in the deal which were about $350mm

Question 5

After IRS issued the Wells Fargo ruling in 2008, how much more did Wells Fargo offer for wachovia than Citigroup had previously offered?

Answer 5

$13bn

Question 6

What type of transaction did Citigroup complete to protect its $43bn of deferred tax assets?

Answer 6

NOL poison pill