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Today, as we commemorate the life of Dr. Martin Luther King, Jr., it might be helpful to take a trip down memory lane. In particular, as a tax attorney I think it’s important to point out that Dr. King’s legacy also intersects with some interesting tax law questions. In fact, Dr. King was issued an arrest warrant in 1960 on the charges of state tax evasion and fraud. He was accused of falsifying his Alabama income tax returns for the years 1956 and 1958 and at that had been the only person charged by Alabama for violation of its tax perjury statute.
The other day, Senator Bernie Sanders released a one-page informational sheet which charges that it will close the tax "loopholes" used by the mega-wealthy. The release was pretty bare-boned and curiously, made no mention of the use of net operating losses--which has been in the headlines recently. I was interviewed by Credit.com who wrote an article explaining in greater detail some of Senator Sanders' proposals.
Their article and my interview can be found here.
If there was something I never saw coming, it was the hand-wringing and TV pundit analys of the relatively common use of Net Operating Losses--albeit by Donald Trump. To all tax attorneys, the very idea of rolling forward Net Operating Losses (or NOLs) is common and rather mundane. So when I saw and heard the media headlines lambasting Mr. Trump for his use of this mega NOLs I wasn't all that surprised. The only think that surprised me however, was the sheer size of Mr.