Thank you both. We have a vote that is on now, and apparently there is only 5 minutes left.
That proves that tax avoidance is their purpose, which is exactly our point.
That runs inconsistent with your effort to pierce those shell corporations.
For 10 years now, this Subcommittee has focused attention on the problem of excessive speculation in the commodity marke...
The reason that these are set up in these offshore locations is so that they can avoid that impact of that section of th...
They want to have their cake, which is investing in commodities, and eat it, too, by not paying what the tax would be if...
the moratorium on these letters which they have sent, which gives the green light to specific mutual funds to proceed in...
So a Cayman corporation is not subject to U.S. tax or any other corporate income tax, so they can accumulate and invest ...
So now the question is whether or not they can avoid that impact by creating a shell corporation, which everyone agrees ...
We have been hurt at the pump, we have been hurt at the dinner table, and we have been hurt in our pocketbooks.
But you do agree that if they violated those income restrictions in that Tax Code Section 851, they would then have to p...
Does the IRS care about people circumventing our tax laws through the use of shell/sham corporations offshore?
Now, why do you think mutual funds are setting up these corporations offshore rather than here in the United States?
Now, do you both agree that if a mutual fund bought and sold commodity futures or a commodity swap--in other words, if a...
it is our joint intent that even though there may not be consensus on the effect of speculation, that there is consensus...
Well, isn't the tax that is being avoided the corporate tax which would be triggered if it was not qualified income unde...
How do we give a green light to the use of them to qualify this kind of investment under our Tax Code?
I am delighted to be here today to introduce Judge Gershwin Drain, whom the President has nominated to the Federal bench...
