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CREATIVITY ISN'T EVERYTHING, IN TAX
December 20, 2004
Dr. Roger L. Firestien's website has the motto: "creativity that gets results.(tm)"
It doesn't say they're always good results.
A recent result of Dr. Firestien's creative tax activities is a federal indictment on six tax felony charges. Dr. Firestien got involved in an "Anderson's Ark" tax scheme. Anderson's Ark setups involved an offshore entity in a tax haven -- say, Belize -- and sucking out all of your U.S. taxable income by paying the offshore entity "management fees" or some such. Anderson's Ark would take a cut and the rest could be withdrawn, supposedly, without any tax.
The maximum sentence for Dr. Firestien on these charges would be 28 years in prison and $1.5 million in fines, according to the Justice Department.
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