© Copyright 2012, vLex. All Rights Reserved.
- Language
Contents in vLex United States
Explore vLex
For Professionals
For Partners
Company
Madoff Investment Securities
2 similar searches for Madoff Investment Securities
1.293 documents for Madoff Investment Securities
-
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...
-
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 ...
-
To: NATIONAL EDITORS Contact: Yusill Scribner, Rebekah Carmichael, Janice Oh, +1-212- 637-2600, all of the U.S. Department of Justice
-
NEW YORK (Reuters) - The trustee seeking money forvictims has increased the size of his lawsuit against family members of the imprisoned Ponzi schemer to $226.4 million. Irving Picard, the trustee, in an amended complaint, said the Madoffs were "completely derelict" in overseeing operations at Bernard L. Madoff Investment Securities LLC, which collapsed when Mr. Madoff was arrested on Dec. 11, 2008. He also said the Madoffs treated the firm like a "family piggy bank," withdrawing huge sums to fund other businesses as well as personal expenses such as vacation homes and boats.
