Bank of New York Case Tests IRS Power to Halt Foreign Tax Abuses | Albuquerque Express

Bank of New York Case Tests IRS Power to Halt Foreign Tax Abuses

ProPublica Sunday 15th April, 2012

In November 2001, Bank of New York, a mid-tier U.S. bank, transferred nearly $8 billion of its own assets to a trust in the small, business-friendly state of Delaware through several layers of newly created companies. A mixture of home mortgages, shares and other securities, the transferred assets made up almost 10 percent of the bank’s total assets at the time. Yet, the transaction was not discussed with BNY’s regulators; nor ...

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