13°c A few clouds
6°c Clear
The Canadian Press - ONLINE EDITION
Court rejects $1 billion in 'phone tax deductions' by Dow Chemical; Goldman Sachs helped plan
WASHINGTON - A federal court in Louisiana is rejecting transactions by The Dow Chemical Co. that created $1 billion in what the U.S. Justice Department calls "phoney tax deductions."
Justice said Wednesday that the tax-reduction scheme was created by Goldman Sachs and the law firm of King & Spalding.
It involved creating a partnership that Dow operated out of its European headquarters in Switzerland.
Justice said Chief Judge Brian Jackson ruled correctly in saying that the tax benefits created by the scheme were artificial and that the corporate structure was created to exploit weaknesses in the tax code, not for legitimate business reasons.
The judge also imposed unspecified penalties.
Assistant Attorney General Kathryn Keneally praised the decision, calling the tax-avoidance scheme "offensive to all taxpayers who pay their fair share."
More Business
- Back to Top
- Return to Business
More Business
(1 of 50 articles for today)
BDC and the Caisse to invest in $12 million Quebec company Revision Military
2:10 PM 0MONTREAL - The Business Development Bank of Canada and the Caisse de depot et placement du Quebec are investing a ...
Poll
Most Popular Business
- New owner for lumber stores
- New downtown tower could be 42 storeys tall: developers
- Skyline-altering project will happen: developer
- She's got entrepreneurial spirit
- Hobby Lobby appeal tests limits of federal birth-control coverage mandate
- The Galapagos are now just a click away: Google photographs famous islands for Street View
- Creative industries can fuel a city's economic engine
- Wealth survey indicates average person has $6.6K
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- Target exceeds sales goal at Canadian stores
- New owner for lumber stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- 2 men arrested in killing of Las Vegas teen who refused to give up his iPad
- New downtown tower could be 42 storeys tall: developers
- Creative industries can fuel a city's economic engine
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Skyline-altering project will happen: developer
- Bridging the gap
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- Apple uses companies outside US to avoid paying billions in taxes, Senate inquiry finds
- Target opens its first Manitoba stores Tuesday
- New structure to be king of downtown?
- Transcona transformation
- Target opens Manitoba stores
- New owner for lumber stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- City to get a touch of glass
- Canad Inns property has personal meaning for owner
- Holiday pump jump debated
- Local boy leads Great-West
- New owner for lumber stores
- Skyline-altering project will happen: developer
- New downtown tower could be 42 storeys tall: developers
- There are lots of I's in 'team'
- US new home sales rise 2.3 per cent in April while median home prices hit record high
- Bell invests in 'TV everywhere'
- Bridgwater site to resemble Osborne Village
- Transcona transformation
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- Hobby Lobby appeal tests limits of federal birth-control coverage mandate
- New owner for lumber stores
- Ex-'Pegger seeks to grow local businesses
- Developers to unveil plans for bold downtown tower
- Bridging the gap
- Skyline-altering project will happen: developer
- There are lots of I's in 'team'
- More than a new boss
- New downtown tower could be 42 storeys tall: developers
- Viterra plans $20 million capacity upgrade at four Saskatchewan grain terminals
- Creative industries can fuel a city's economic engine
- New owner for lumber stores
- Transcona transformation
- New structure to be king of downtown?
- CEO, execs terminated at TCIG
- Target opens its first Manitoba stores Tuesday
- Canad Inns property has personal meaning for owner
- Winnipeg's got the REIT stuff
- Older and jobless? Resource on hand
- Local boy leads Great-West
- Ex-'Pegger seeks to grow local businesses
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.