“SAVING” INCOME TAX
Transactions of American Banker SENATE INVESTIGATION Washington,-, November 1. Before the Senate Committee investigating banking methods, Mr. Albert. Henry Wiggin, former chairman of the Chase National Bank, testified that he “saved” 440,006 dollars iiicf.-ie tax on a -stock profit of 4.000.000 dollars made through personal corporations in 1029. asserting that the transaction was “absolutely in accordance with the law." Mr. Wiggin said that the purpose of his selling short a large block stock in the Chase Bank through his personal corporation a month before the market crash in 1929 was to "postpone” tax payments. A letter was read before the Senate Committee to indicate that the Chase Affiliate Company suggested to clients a method of establishing losses for income «ix purposes. Mr. Wiggin revealed that he paid 1,365,000 dollars income tax for’ the last five years, and the grand total of himself and his family was 3.494.000 dollars in Federal taxes, and 4,625,000 dollars in all taxes.
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Dominion, Volume 27, Issue 34, 3 November 1933, Page 11
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160“SAVING” INCOME TAX Dominion, Volume 27, Issue 34, 3 November 1933, Page 11
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