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:
“In 1845 he built himself a small framed house on the shores of Walden Pond, and lived there two years alone, a life of labor and study. This action was quite native and fit for him. No one who knew him would tax him with affectation. He was more unlike his neighbors in his thought than in his action. As soon as he had exhausted himself that advantages of his solitude, he abandoned it.”
—Ralph Waldo Emerson (1803–1882)
“I’ll bet your father spent the first year of your life throwing rocks at the stork.”
—Irving Brecher, U.S. screenwriter, and Edward Buzzell. J. Cheever Loophole (Groucho Marx)