This article is written to provide guidance to tax professionals for individuals who invested directly with Bernard L. Madoff Investment Securities LLC. More specifically, it will address the steps to be taken by tax professionals and their clients during 2009 related to the preparation of 2008 federal income tax returns (Form 1040) and prior-year amended returns (Form 1040X). Madoff's alleged Ponzi scheme is a developing story with very few facts known at this time. As details are uncovered, the recommendations provided herein may also change. There appears to be substantial authority to omit Madoff phantom income from the 2008 tax return. Phantom income for 2008 is the Madoff-reported income of any investor with a net investment in Madoff as of Dec 31, 2008. Tax professionals can serv...
To: NATIONAL EDITORS Contact: Yusill Scribner, Rebekah Carmichael, Janice Oh, +1-212- 637-2600, all of the U.S. Department of Justice
Recent stories regarding investment losses due to theft and embezzlement have been eclipsed by the sudden, multibillion-dollar collapse of Bernard L Madoff Investment Securities LLC. Investors and their advisors are evaluating the tax implications and looking for opportunities to mitigate the damages. As such, it is an appropriate time to take a closer look at the requirements for the and how to place these rules into perspective. Internal Revenue Code (IRC) section 165 provides the framework for . Such losses may be claimed as a deduction in the year in which the taxpayer discovers the loss. Losses incurred as a result of Madoff's alleged fraud scheme were discovered in 2008, meaning that prong of the statutory requirement has ...
NEW YORK (Reuters) - Owners of the New York Mets baseball team asked a federal judge on Thursday [July 7] to dismiss the $1 billion lawsuit against them by the trustee seeking money for victims of's Ponzi scheme. Fred Wilpon, Saul Katz and others at Sterling Equities said the trustee Irving Picard cannot show they knew they were enabling Mr. Madoff to commit fraud at Bernard L. Madoff Investment Securities LLC, where they were customers, or acted in bad faith.
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