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Banks found way shelter millions Original Source Link: (May no longer be active)    http://washingtontimes.com/upi-breaking/20030807-082338-7051r.htm http://washingtontimes.com/upi-breaking/20030807-082338-7051r.htm Banks found way to shelter millions NEW YORK, Aug. 7 (UPI) -- Some of the nation's biggest banks in recent years found a way to shelter hundreds of millions of dollars from state taxes, it was reported Thursday. The banks got around paying taxes on the money by creating investment funds that did not sell shares publicly but paid tax-exempt dividends to the banks, the Wall Street Journal said. Created in 1999 and 2000, the funds, all but one set up with advice from KPMG LLP, an accounting firm whose tax shelter practices are under scrutiny by the Internal Revenue Service, were shut down over the past two years. A review of Securities and Exchange Commission records showed that at least 10 major banks shifted more than $17 billion into such funds. Bank of America alone transferred at least $8 billion into its fund, sheltering more than $750 million in income from 1999 through last May. The banks contended the funds were legitimate vehicles for raising investment capital. All site contents copyright © 2003 News World Communications, Inc. Privacy Policy

Banks found way shelter millions Banks moved billions to shelter income tax Bush offshore { August 1 2002 } Business jump on suv loophole { November 7 2003 } California firms pay no taxes get giveaways { December 26 2004 } Congress tax havens { July 30 2002 } Corporate tax shelters and you Disneyworld cattle tax breaks Firms often avoided taxes { April 7 2004 } Ford cuts jobs and gets jobs creation deductions { January 24 2006 } Irs allows big oil tax breaks Irs audits businesses less due to shelters { April 12 2004 } Irs focus highincome IRS loses another ruling on tax shelters { November 4 2004 } Irs targets 3shelters { October 5 2002 } Most companies dont pay taxes Multinationalss push congress for hefty tax breaks Phony import export { November 1 2002 } Tax cheats winning { November 5 2002 } Tax code encourages sending jobs overseas Tax havens { August 1 2002 } Taxbreaks given to developers who bulldoze farms Taxcuts replace export tax to please wto Us firms keep billions overseas { April 2 2004 } Files Listed: 24

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