A pony-loving FrontBurnervian points us to this Forbes story about billionaire banker Andy Beal. A federal magistrate judge ruled that Beal used a bogus “Son of Boss” tax shelter to create $153.6 million in illegal tax losses for 2001 and an additional $46.5 million for 2002. Sounds like bad news for Beal, right? Except the judge also ruled that the IRS had missed the deadline for disallowing the larger 2001 losses. Beal’s tax attorney, M. Todd Welty, told Forbes yesterday, “We are surprised and disappointed in the ruling.”
I guess you win a little and lose a little. The thing that worries me, after having digested this story, is how the IRS will view my “Cousin (By Marriage) of Mayor Pro Tem” tax shelter.
