Carlsbad, CA (PressExposure) April 20, 2009 -- A New York Congressman said Wednesday he has asked the Internal Revenue Service to provide tax relief to victims of disgraced financier Bernard L. Madoff's alleged Ponzi scheme.
U.S. Representative Gary Ackerman, said he has sent a letter to IRS Commissioner Douglas Shulman asking him to allow victims to claim a theft loss on their 2008 taxes, and amend their tax returns dating back to at least 1995.
In this Tax Relief, by claiming a theft loss investors would be eligible for a tax credit for money that Madoff allegedly stole from them in his ponzi scheme.
The Ponzi scheme that Madoff allegedly pulled involves paying an unusually high rate of return to investors partly out of new money coming in rather than wholly out of actual earnings. It is designed to fail, as the capital dwindles away over time, and in the alleged Madoff case this was presumably hastened by the market tanking. Had it not, he might have died before the alleged fraud came to light.
Where did the money go? The money allegedly went to the investors, less of course enough to maintain Bernie Madoff in the lap of luxury, but what they thought was income was in fact being paid largely out of capital.
Since Madoff Securities allegedly made no investments with its clients' money, it would be appropriate for the IRS to issue a tax relief to Madoff's victims to both claim theft loss on their 2008 tax returns and amend their tax returns dating back to at least 1995.
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