Wal-Mart or E&Y – Who’s The Bigger Loser?

For my earlier posts on this issue, go here and here.

If Barack were President, would he shut down arrogant slobs like these guys? Certainly it will be more of the same wink, wink, nudge, nudge if their boy Rudy gets the nod.

Judge Rules Against Wal-Mart Over Its Tax-Shelter Dispute

A North Carolina state-court judge ruled against Wal-Mart Stores Inc. in a closely watched tax-shelter case involving an arrangement in which the retailer essentially paid rent to itself and then deducted the amount from its taxes.

In an attachment to an order filed Friday, but signed on Dec. 31, Emergency Special Judge of Superior Court Clarence E. Horton Jr. wrote that Wal-Mart’s structure had no “real economic substance” other than cutting taxes. The judge dismissed Wal-Mart’s suit, in which it sought a refund of $33.5 million in taxes, interest and penalties that it paid after state tax authorities determined it had underpaid by that amount.

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  1. […] maybe I’m exaggerating a little. There are exceptions.  WSJ did a great job on coverage of EY’s role in WalMart’s attempted tax dodge. Floyd Norris at the NYT gets it, but not always all of it.  Jonathan Weil is a pit bull. But, […]

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