A Taxing Situation

Novack, Janet; Barrett, William P.
July 2007
Forbes Asia;7/2/2007, Vol. 3 Issue 12, p32
The article reports that Loretta Fredy Bush, head of Xinhua Finance Media, has settled a litigation with the U.S. government by acknowledging she had filed personal tax returns understating her liability by 97%. She also admitted that she incorrectly stated on those returns that she had no authority over or interest in any foreign financial accounts. Bush agreed that her combined liability for 1999 and 2000, including penalties was $853,717 or 36 times the $23,501 she had declared.


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