IRS Has Its Eye on Wisconsin Fund's Gains
Become a member: Subscribe
NTS Headlines
Headlines by Category
Headlines by Year
Solari’s Building Wealth materials are organized to inspire and support your personal strategic and financial planning.
Building Wealth
This 6-pillar curriculum teaches the basic literacy we need to be personally and financially successful and to do so in a manner in which together we evolve a culture that supports the emergence of an advanced human civilization.
Missing Money
Articles and video discussions of the $21 Trillion dollars missing from the U.S. government
Connect with the wider network of like-minded Solari subscribers using our in-house social media platform, Solari Connect.
No posts
IRS Has Its Eye on Wisconsin Fund’s Gains
Pensions & Investments (11 Jan 10)
The Internal Revenue Service wants to tax the State of Wisconsin Investment Board some $40 million, including interest, to recover income taxes owed by a company in which SWIB had invested.
That tax would more than wipe out the entire proceeds SWIB received from its 25% stake in Shockley Communications Corp.
Despite the tax-exempt status of the Madison-based board, which oversees $70 billion, the IRS is seeking the entire $28.3 million SWIB received in its 2001 sale of SCC stock. SWIB had invested $7.3 million, producing a gain of 290%. Shockley reportedly agreed to sell its entire assets to Northern Communications Acquisition Corp. in early 2001.
The IRS also is seeking interest on that amount for a total claim of some $40 million.
Because SCC no longer exists, the IRS is looking to former Shockley shareholders, including SWIB, to recover taxes of $41.6 million plus $43.8 million in penalties and interest.
