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Irs To Go After Remic - Are The Banks About To Be Taken For 100% Of Profits On These?

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http://market-ticker.org/akcs-www?post=185130

What have I been writing about for ..... a couple of years now?

(Reuters) - The Internal Revenue Service has launched a review of the tax-exempt status of a widely-held form of mortgage-backed securities called REMICs.

The IRS confirmed to Reuters that the review comes in response to mounting evidence that banks violated tax requirements by mishandling the transfer of mortgages to REMICs, short for Real Estate Mortgage Conduits.

You mean, for instance, like evidence that the trust never actually got the so-called loans (until, in some cases, they wanted to foreclose on them of course)?

Oh, and the penalty, as I've noted?

But if the IRS concludes that the REMIC investments failed to comply with strict requirements in the federal tax code, the REMIC would have to pay a 100 percent tax on the income from those investments.

That means that the IRS could confiscate the full amount. Tax law experts said the REMICs also could be subjected to additional penalties for failing to file tax returns on the income.

Hold on to your seats on this one folks....

I wonder how the clever lawyers will get the bankers out of this one.

The fun and games are starting. How desperate is the US for tax revenue after ignoring this for years?

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I wonder how the clever lawyers will get the bankers out of this one.

The fun and games are starting. How desperate is the US for tax revenue after ignoring this for years?

So there's a new shark in town, and it's hungry!

Roll Roll up, it's IRS v the Banksters. I guess it comes down to where the pain bites first- lost campaign contributions or angry voters wielding pitchforks as their 'entitlements' vaporise. :lol:

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So there's a new shark in town, and it's hungry!

Roll Roll up, it's IRS v the Banksters. I guess it comes down to where the pain bites first- lost campaign contributions or angry voters wielding pitchforks as their 'entitlements' vaporise. :lol:

The great thing is the IRS is probably tougher than then banksters.

Certainly they have the power to say, that's just a tax evasion scheme and take action.

Remember who did for Al Capone.

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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