Word: theft
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...year-old identical twins Hassan and Abbas O. (under German law they cannot be named in full). The unemployed and Lebanese-born brothers have lived in the northern German state of Lower Saxony since age 1 but still have not been granted permanent residency. They have criminal records for theft and fraud. (See pictures of the annual Twins Days festival...
...good news for Ponzi victims is that the IRS will allow the amount of the theft loss to include the investor's unrecovered investment, that is, the principle plus other investments minus withdrawals, but including "fictitious income" as reported in past years, according to Shulman...
...elements of the IRS's guidance focus on investors being entitled to a theft loss deductible in the year the fraud is discovered, except to the extent there is a claim with a reasonable prospect of recovery...
...addition, victims who are part of partnerships, or small businesses, will be able to go back 5 years to recover investments and phantom monies. Previously, it appeared victims could only go back three years. With this new ruling, a theft loss deduction that creates a net operating loss for the taxpayer can be carried back five years and forward 20 years to generate a refund of taxes paid in other taxable years...
...date for Madoff victims will be Dec. 31, 2007, according to Tipograph, the starting point for the theft loss calculation and not the partial year balance of 2008. Madoff was arrested on Dec. 11, 2008 and many victims received statements only through Sept...