And Chicago tax lawyer Robert E. McKenzie, who has defended rich folks claiming losses on everything from deer farms to race horses to yachts, says the Romneys -–despite the fact that Ann Romney’s statements on what dressage has done for her personally suggests lack of profit motive– likely did all the paperwork right and can assert they thought they’d make a profit, even if they never do. “The way I would argue it is `this horse competed in the Olympics and we’ll breed it and make money off the foal’,’’ says McKenzie. “When you’re that rich you can afford to have talented tax advisers.”
Arnstein & Lehr Chicago Partner Robert E. McKenzie was interviewed by First Business News for its April 11 broadcast. During the interview Mr. McKenzie discussed the IRS tax probe of HSBC Bank off-shore accounts in India. According to Mr. McKenzie, the IRS is investigating some offshore account holders for tax evasion.
First Business News airs online in most US television markets and internationally before the market opens. It is a fast-moving, idea-packed program.
To view Mr. McKenzie’s interview in full, please click here.