The seldom-used double-dummy structure is trotted out in one of the year's most talked-about deals.
Marie Leone, CFO Magazine
December 1, 2005
It's only a small part of the article, "In this transaction, everyone wins - except, maybe, the Internal Revenue Service" but it contributes to a continuing mis-understanding about the role of the IRS. The IRS neithers wins nor loses on transactions. It is simply the tax administration arm of Congress which makes tax policy by passing tax laws. When someone doesn't pay expected taxes, the society which might have used those tax receipts to finance health care or national defense, loses. When I started working at IRS back in the 1990s, one of the internal issues was that taxpayers wrote out their payment checks to the IRS. Did people really think that the IRS got to keep their payments? That was subsequently changed to reflect that the funds actually went to the Treasury. The IRS is not perfect, but let's not attribute more to them than is realistic.
Posted by Thad Juszczak | December 08, 2005 01:12 pm© CFO Publishing Corporation 2009. All rights reserved.