In order to finance the more than 0 million deal, and to hopefully avoid paying 'hefty capital gains tax on the sale of stock holdings Johnson began looking for a creative way to write off a good part - or possibly even all - of Uncle Sam's tax bill as an expense of doing business.'The grandson of one of the Johnson & Johnson Band-Aid and Baby Powder behemoth moguls, Johnson got in touch with his financial accountant at KPMG, a major audit, tax, and advisory business, part of the Quellos Group, a super hedge fund, headquartered in Seattle.
According to the senate subcommittee report, Woody asked his accountant to 'begin looking for ways to mitigate the capital gains tax on the securities sales he was planning.'Johnson's company, the Johnson Company, with headquarters then in the Empire State Building, was characterized by the subcommittee's investigators as a 'large financial enterprise' where 'taxes are often considered an expense.'Soon, Johnson decided to invest in a complex financial strategy involving what turned out to be 'sham stock transactions called portfolio investment transactions – known as POINT,' based on the Isle of Man, where the Quellos Group opened for business, according to the investigation.
Will this guy ever do anything the right way and own up to his responsibilities.'In September 2010, Jeffrey Greenstein, of the Quellos Group, pleaded guilty to charges of conspiracy and aiding in the filing of a false tax return in connection with the POINT.
The probe turned up one email in which one of those involved declared, 'Ain't capitalism great!
'And another email stated, 'Now I just hope Woody doesn't get cold feet or have the IRS [Internal Revenue Service] select his return for audit.'According to investigators, the Quellos deal was 'an opportunity to purchase a tax loss for cash.'The probe, which lasted a year, turned up emails that made no mention 'of a concern on the part of Mr.
One story in The Post had the headline, 'As Senate Hearing Shows, Cheaters Ever Prosper,' and Post reporter Steven Pearlstein, who covered the subcommittee hearings, noted, 'Robert Wood Johnson IV, philanthropist and heir to the Johnson & Johnson fortune' wasn't given 'an old-fashioned grilling.'When Johnson's name surfaced in the report, the administrator of Jetinsider, an online forum about Johnson and his NFL team, wrote: 'Woody is a tax cheat!
Another solid move by the great businessman Woody Johnson.
Jerry Oppenheimer is a New York Times bestselling author of biographies including the Clintons and the Kennedys. Oppenheimer's latest book, 'The Kardashians: The True, Untold Story' will be published later this year. With a population of some 88,000, the relatively obscure island in the Irish Sea had no capital gains tax, or inheritance tax. Trump's appointment of Johnson comes at a time when the newly-elected president is being criticized for failure to release his own tax returns, a long-standing tradition among new presidents.
Here he reports on President Trump's controversial choice for U. And questions have been raised about the president's overseas investments and purported business dealings in Russia, which he has denied.
But it was a senate committee in 2006 that issued a shocking report about rich people sheltering their money from taxes in offshore accounts.
As I revealed in my 2013 book, 'Crazy Rich: Power, Scandal, and Tragedy Inside the Johnson & Johnson Dynasty,' Woody Johnson's money issues began in 2000 when he sought to buy the New York Jets football team.
After Woody and Sale were divorced - sources told me she received as much as 0 million in settlement in her 2001 divorce - it was Trump who introduced the former Mrs. Louis and a republican, to her future second husband, the African-American one-time football star and sportscaster Ahmad Rashad.
Trump played Cupid in introducing Sale to Rashad in 2005 when both were playing at Trump's newly opened Donald Trump National Golf Club in the New York suburb of Briarcliff Manor.
There were drug addictions, alcoholism, overdoses, adultery, homosexuality, a suspected kidnapping, a murder plot, a shooting, tragic accidents, suicide, attempted suicide, and other mayhem, documented in Crazy Rich.