If you pay income tax from robbing a bank, do you get a refund if you got caught and lose the money?
That's essentially what Joseph Nacchio — not a popular guy in Denver — is asserting. He paid a bunch of income tax on massive profits from an illegal stock deal — which profits were ordered forfeited by the courts because of the crime involved.
So … should he get a refund, or is the federal government essentially paying him because he got caught committing a crime a outrageous idea?
(Hmmmm … can they then nail him and fine him for filing a fraudulent tax return?) #ddtb
Embedded Link
Nacchio seeks tax refund on $18 million paid on insider-trading profits – The Denver Post
Joseph Nacchio, the former Qwest Communications International Inc. chairman convicted of insider trading, sued the U.S. seeking a refund of almost $18 million in taxes he paid on gains from illegal st…