N.Y. probing equity firms, including Bain
Law & Politics
New York's attorney general is investigating tax strategies of some of the nation's largest private equity firms, including Bain Capital, founded by Republican presidential nominee Mitt Romney, an official familiar with the probe said Sunday.
Attorney General Eric Schneiderman is examining whether the firms have abused a tax strategy to avoid paying hundreds of millions of dollars in taxes, said the official, who spoke on the condition of anonymity because of the sensitivity of the probe. The practice involves converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.
Some tax experts who spoke to The New York Times, which first reported the investigation Sunday, believed the strategy was potentially illegal, though other experts said it was commonplace and proper.
The Democratic attorney general sent subpoenas to more than a dozen firms, including Kohlberg Kravis Roberts & Company, TPG Capital, Sun Capital Partners, Apollo Global Management, Silver Lake Partners and Bain Capital, according to the official.
Related listings
-
Wash. man due in court in alleged Obama threat
Law & Politics 08/24/2012A Washington state man accused of making an email threat against President Barack Obama and brandishing a shotgun at officers who came to his door is scheduled to appear in federal court. Secret Service spokesman Brian Leary says 31-year-old Anton Ca...
-
Judge won't halt Pa. voter identification law
Law & Politics 08/15/2012A tough new voter identification law championed by Republicans can take effect in Pennsylvania for November's presidential election, a judge ruled Wednesday, despite a torrent of criticism that it will suppress votes among President Barack Obama's su...
-
Court orders Chevron to stop drilling for oil
Law & Politics 08/03/2012A federal court has given Chevron Corp. and driller Transocean Ltd. 30 days to suspend all petroleum drilling and transportation operations in Brazil until the conclusion of investigations into two oil spills off the coast of Rio de Janeiro. The cour...
Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.