BANKING INQUIRY
EVIDENCE IN AMERICA INCOME-TAX FACTOR NEW YORK, Nov. 1 At to-day's sitting of the Banking Committee of the Senate Mr. A. H. "Wiggin, ex-chairman of tho Chase National Bank, testified that he had "saved" 410,000 dollars in income tax on n stock profit of 4,000.000 dollars made through his personal corporations in 1929. He asserted that the transaction was "absolutely in accordance with the law." Mr. Wiggin said tho purpose of his selling "short" of a large block of stock in Chase securities through one- of his personal corporations a month before tho great market crash in 1929 was to "postpone" tax payments. A letter was read which indicated that the Chase affiliate suggested to its clients a method of establishing losses for income tax purposes. .Mr. Wiggin revealed that he had paid 1,365,000 dollars in income tax in the last five years. Tho grand total lor himself and his family was 3,49J,000 dollars in Federal taxes and 4,023,000 dollars in all taxes.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NZH19331103.2.78
Bibliographic details
New Zealand Herald, Volume LXX, Issue 21639, 3 November 1933, Page 9
Word Count
165BANKING INQUIRY New Zealand Herald, Volume LXX, Issue 21639, 3 November 1933, Page 9
Using This Item
NZME is the copyright owner for the New Zealand Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries and NZME.
Log in