As A "tax Loophole"
As of 2013, expansion and exploitation by major corporations of like-kind exchanges, originally intended to relieve family farmers of capital gains tax when swapping land or livestock, to avoid taxes was cited by The New York Times as an example of the need for tax reform.
Read more about this topic: Like-kind Exchange
Famous quotes containing the words tax and/or loophole:
“Rumble thy bellyful! Spit, fire! Spout, rain!
Nor rain, wind, thunder, fire are my daughters.
I tax you not, you elements, with unkindness;
I never gave you kingdom, called you children.”
—William Shakespeare (1564–1616)
“I know, you have forgotten those June nights on the Riviera, where we sat ‘neath the shimmering skies, moonlight bathing in the Mediterranean! We were young, gay, reckless! The night I drank champagne from your slipper—two quarts. It would have held more, but you were wearing inner soles!”
—Irving Brecher, U.S. screenwriter, and Edward Buzzell. J. Cheever Loophole (Groucho Marx)