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Jury acquits St. Louis-area car dealer Auffenberg
March 05, 2009
After a six week trial, a Virgin Islands jury has cleared James Auffenberg, Jr. of criminal tax charges relating to a Virgin Islands tax setup.
The government accused Mr. Auffenberg of engaging in sham transactions to move U.S.-source income to the Virgin Islands, where it would be sheltered by a popular "economic development" tax credit. While the IRS may still pursue more taxes in civil proceedings, Mr. Auffenberg won't be facing jail time, which is no small thing.
While we will never know for sure, the IRS may have lost the case from the time Mr. Auffenberg got it moved from the St. Louis area to the Virgin Islands for trial.
Related: Trial begins for car dealer's Virgin Islands tax shelter.
UPDATE, 3/7: The TaxProf has a roundup.
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Comments
Ouch! The government lost the argument on whether income from selling cars in southern Illinois was "effectively connected" with a trade or business in the USVI and was unable to present its fact witnesses over the objection of the defense.
Posted by: Mark Sellner | March 5, 2009 10:11 AM