March 26, 2009
IRS Considers Taxing Trustees of Funds That Were Victims of Madoff Scam
The Internal Revenue Service may take steps to tax board members of private foundations who placed all or some of their organizations' assets with Bernard L. Madoff, the investor who ran a $65-billion pyramid scheme, according to Douglas Shulman, the Commissioner of the Internal Revenue.
Under federal tax law, foundation officers, directors, and trustees can be liable for tax if the organizations make any investments that would financially jeopardize their ability to carry out their
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