MORGAN INQUIRY
EVASION OF TAX Re-Transfer of Stocks LEGAL ACTION PENDING. (Aus. & N.Z. Cabin Assn.) (Received June 11 at 8.10 p.m.) AVASHINGTON, June 9. The Alorgan banking inquiry closed to-day with three junior partners on the stand explaining how in 1930 the Bank avoided income tax payments by selling stocks to members of their families at depreciated prices, thus showing capital losses to offset, earnings. Air Thomas S. Lamont, son of Thomas AV. Alorgan, details of whose transactions were typical of the other two, transferred securities to his wife, who gave him a personal note and later the stocks were returned when the note was cancelled. The only cash involved was the 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 will be in-
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Bibliographic details
Grey River Argus, 12 June 1933, Page 5
Word Count
141MORGAN INQUIRY Grey River Argus, 12 June 1933, Page 5
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