Legal
U.S. billionaires avoiding the taxman
When billionaire Billy Joe “Red” McCombs, co-founder of Clear Channel Communications Inc., reported a US$9.8-million loss on his tax return, he failed to include about US$259-million from a lucrative stock transaction. After an audit, the Internal Revenue Service ordered him to pay US$44.7-million in back taxes. McCombs, who is worth…
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Click here to read the full story: Financial Post