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Taxpayers not allowed Ponzi loss safe harbor

Taxpayers not allowed Ponzi loss safe harbor
The Tax Court holds that the taxpayers had not complied with the conditions of Rev. Proc. 2009-20.
By Charles J. Reichert, CPA
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The Tax Court held that taxpayers who were victims of an embezzlement scheme could not use the safe-harbor provision of Rev. Proc. 2009-20 to deduct their theft losses because the taxpayers failed to comply with its requirements. According to the court, the revenue procedure allows the safe harbor only for the tax year a theft is discovered, which occurred before the taxpayers years at issue.
Facts: In 1999, Michael Giambrone and his brother William founded the Platinum Community Bank in Illinois, which was owned by a holding company, Platinum Bancshares Inc., in which they held a 52.2% ownership interest. The bank struggled financially, so in 2007, stock in the holding company was sold to Taylor Bean & Whitaker Mortgage Co. (TBW) to raise capital. By early 2009, TBW owned an 82 ....

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Detailed text transcripts for TV channel - MSNBC - 20110329:20:47:00

Starting, i think, just next week or two against lee fargus, the chairman of taylor bean and whitaker. that s a multi billion dollar accounting fraud that is mortgages and mortgage-backed securities. there s been a number of guilty pleas in that case already. our jurisdiction is really only those related to the t.a.r.p. and the t.a.r.p. program, and that program we have jurisdiction because they tried to get more than $550 million from t.a.r.p., which we were able to stop dead in its tracks and save that taxpayer money. and we ve had criminal charges against a number of ceos of smaller banks as well. where do we stand with the big banks, jpmorgan, citigroup, goldman sachs, wells fargo, those who are really dealing in huge volumes of mortgage-backed securities that were clearly not compliant with the rating that was bowing given to them by the rating agency, which at the time ....

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Detailed text transcripts for TV channel - FOXNEWS - 20100616:15:10:00

Same-sex marriages, but they said those 18,000 marriages are still good marriages. same thing here. that issue, jane, is not even before this federal judge, it will not be an issue for them to consider whatsoever. jane: bob massey will let us know when anything develops out of san francisco. good to see you, thanks. jon: live right now in virginia the department of justice is announcing a major crackdown, if you will, on what used to be one of the largest privately held mortgage companies in the country, it was called tbw, taylor bean and whitaker of owe cal louisiana, florida. it has been charged with misappropriated roughly one billion dollars of your tax money from the troubled as set relief program, that is part of that big mortgage company bail out that congress passed in october of, was it 08? a bill billion dollars misappropriated by this company ....

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