Sunday, November 8, 2009

Escape From New York

"Billionaire Julian Robertson won a $27 million tax case after he successfully argued that he wasn't a New York City [NYC] resident for the year 2000 and didn't owe city taxes. At issue was Mr. Robertson's whereabouts on four days during that leap year: April 15, July 23, Jukly 31 and Nov. 16. The other 362 days were accounted for, with documentary proof of 183 days spent in the city and 179 spent outside. The New York State Department of Taxation and Finance argued that because he didn't have documentary proof for the four days, he was therefore a resident and owed city taxes of $26,792,341. ... The tax case concerns the year when Mr. Robertson closed his hedge fund, Tiger Management LLC, complaining he couldn't make sense of the tech boom, which peaked that March. ... The lengthy decision last month by a judge at the state's Division of Tax Appeals examining a mountain of evidence concerning Mr. Robertson's whereabouts on the days in question. ... According to independent tax expert Robert Willens, high earners often face local disputes about residency", Laura Saunders at the WSJ, 4 November 2009:

"For every Sunbelt refugee who has tried to leave high tax bills behind in the cold Northeast, Julian Robertson scored a victory this week. By proving that he was outside [NYC] for half the days in the year 2000, the former hedge-fund titan avoided $27 million in city taxes, thanks to a ruling by New York's tax court. ... In the upside-down world of tax law, where citizens are guilty until they can prove their whereabouts, it's a rare taxpayer victory", WSJ Editorial, 7 November 2009, link:

Unless you absolutely must stay, leave New York behind.

Robertson for Treasury Secretary, if he'll take the job.

1 comment:

Anonymous said...

North Carolian... tar heel.