Tax Status
The company used to fund Intermedia productions, IMF, is a tax shelter under German law. The taxation laws of Germany allow investors to claim an instant tax deduction on film productions, even if they are non-German productions or even if the film has not gone into production. This allows the producers to make instant profit, for example, by selling the copyright for around $160 million, and then buying them back for $149 million, the producers have made a profit of $11 million. However, it is important to note that this tax shelter is no longer applicable under German tax law.
Read more about this topic: Intermedia (production Company)
Famous quotes containing the words tax and/or status:
“To tax and to please, no more than to love and to be wise, is not given to men.”
—Edmund Burke (1729–1797)
“Anthropologists have found that around the world whatever is considered “men’s work” is almost universally given higher status than “women’s work.” If in one culture it is men who build houses and women who make baskets, then that culture will see house-building as more important. In another culture, perhaps right next door, the reverse may be true, and basket- weaving will have higher social status than house-building.”
—Mary Stewart Van Leeuwen. Excerpted from, Gender Grace: Love, Work, and Parenting in a Changing World (1990)