Calabasas Resident Speaks About Being a Madoff Victim
Some investors with con-man Bernie Madoff spoke out, seeking tax relief.
They want state tax law changed, because some had previously paid income tax on their profits from Madoff. They kept the money in Madoff’s ponzi scheme and lost it all when it collapsed.
The L.A. Times has a full story, which features Calabasas resident Richard Shapiro.
Well, I guess, they have a point. Dont they?
I wonder if the State has resources to pay back the victims.
I’ve been engaged in taxes for longer then I care to admit, both on the private side (all my working life!!) and from a legal standpoint since satisfying the bar and following up on tax law. I’ve supplied a lot of advice and corrected a lot of wrongs, and I must say that what you’ve posted makes impeccable sense. Please carry on the good work – the more individuals know the better they’ll be armed to deal with the tax man, and that’s what it’s all about.
Last night I saw “The Son of Flubber” (great old Disney movie) on Turner Classic Movies.
There’s a scene where the tax man comes to collect their “estimated tax” based on them making millions of dollars – which didn’t happen because the Government took over the original Flubber discovery. So then he adds fees because they can’t pay.
Before he leaves, he makes notes about the little kid who is collecting for the newspaper delivery… the wife says, “You wouldn’t take money from a little kid?” and his face answers “yes!”
Not much has changed in 50 years!