Tax Scandals, Celebrity Style
In the tax world, unlike Hollywood, we really don’t get that many juicy stories. However, when the “stars” embarrass themselves with their tax troubles, we are provided relief from yet another story about, for example, the material participation regulations' conjunctive test for determining whether an interest is treated as a limited partner interest for purposes of section 469. Sorry, back to the scintillating stuff.
The NY Daily News just released a slideshow of the top celebrity tax scandals. Our favorite story is about Willie Nelson, who famously released an album called the “IRS Tapes” to pay off his $32 million tax bill. What’s yours?