TAXATION EVASION
Morgan Partners Reveal Their System TRANSFERS TO WIVES By Telegraph.—Press Assn.—Copyright (Received June 11, 6.30 p.m.) Washington, June 9. The Senate’s Inquiry into the J. P. M rgan Company’s affairs closed today with three junior partners on the stand explaining how in 1930 they avoided income-tax payments by sellin ■ stocks to members of their families at depreciated prices, thus showing capital losses to offset earnin ß .. Thomas S. Lamont, son of Thomas V,. Lamont, gave details of transactions typical of those of the other two. He transferred securities to his wife, who gave him a personal note. Later the stocks were returned and the note cancelled. The .only cash involved vas interest on the note. It is expected that legal action will be taken in due course to deal with such evasions. Meanwhile other private financial institutions are to be investigated.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/DOM19330612.2.102
Bibliographic details
Dominion, Volume 26, Issue 219, 12 June 1933, Page 9
Word Count
143TAXATION EVASION Dominion, Volume 26, Issue 219, 12 June 1933, Page 9
Using This Item
Stuff Ltd is the copyright owner for the Dominion. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.