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2008

Taxation

Ajay Gupta

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Who’S At Risk? Abbott And Costello Take On Section 465, Ajay Gupta Jan 2008

Who’S At Risk? Abbott And Costello Take On Section 465, Ajay Gupta

Ajay Gupta

Hello again, everybody. It's a "bee-yooo-tiful" day for baseball. The setting is the unlikely state of Wyoming. Taking the field is a local outfit- Leasing Co. LLC (LCL). LCL’s corporate sponsor, Hubert Enterprises, has not been overly generous- contributing a mere $10,000. Regardless, in a display of loyalty, the sponsor’s distinctive logo- “Hu”- is emblazoned on the caps and jerseys of every member of the LCL team. The stands are filling in, the peanut vendors are doing brisk business and there is excitement in the air. But what is this? The manager of LCL in a heated exchange with a …