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IRS says ‘tax avoidance’ at heart of Solyndra bankruptcy plan

IRS says ‘tax avoidance’ at heart of Solyndra bankruptcy plan

By Jim McElhatton
The Washington Times
Wednesday, October 10, 201

The Internal Revenue Service urged a bankruptcy judge to reject solar panel maker Solyndra LLC’s bankruptcy plan Wednesday, saying it amounts to little more than an avenue for owners of an empty corporate shell to avoid paying taxes.

“The undeniable conclusion is that tax benefits drive this plan,” attorneys for the IRS wrote in a bankruptcy pleading.

Arguing that the bankruptcy court ought not confirm a plan “whose principal purpose is tax avoidance,” attorneys said in filings in U.S. Bankruptcy Court in Delaware that the tax breaks would be worth more money than funds set aside for creditors

Read more: IRS says 'tax avoidance' at heart of Solyndra bankruptcy plan - Washington Times http://www.washingtontimes.com/news/2012/oct/10/irs-says-tax...