Word: bahama
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...would have had to pay if he received it directly. From his company he borrowed $2,300,000 in 1932 and in 1934 the interest which he then paid the company canceled out his remaining U. S. income, thereby making him virtually income-tax-free. He also formed a Bahama corporation to hold his stock interest in Canadian mines. Said Mr. Irey: "Mr. Bache apparently acted with an honest conviction that he was within his legal rights in utilizing foreign corporations as he did. We therefore cite this case not in criticism of Mr. Bache, but to illustrate...
Bill of Particulars. Mr. Morgenthau listed eight kinds of tax-dodging, all of which he classed as "moral fraud": 1) setting up personal holding companies in the Bahamas, Panama, Newfoundland and other places from which tax money cannot be extradited; 2) buying one-payment life insurance (from a Bahama company), borrowing back the "payment" and claiming tax deductions for interest paid on the loan;* 3) establishing personal holding companies in the U. S., which in spite of special taxes still pays those who are rich enough; 4) incorporating yachts, town houses, country estates, racing stables so that their operating losses...
Richman Vincent Astor provided the yacht which carried the Man of the Year to sea, fishing for bonefish and barracuda off the Bahama Keys while Congress was overriding his veto of veterans' pension increases...
Cuba. Hurricane groped across the Bahama Bank north of Cuba, turned away from Cuba, killed seven in the Bahamas, turned again and struck at Cuba's northern hump. In Havana harbor, huge seas overthrew the Malecon sea wall, scattered stone blocks like spume, flooded the water- front six blocks inland to a depth of six feet. In full force the hurricane hit the port of Cardenas in Matanzas Province, swept a tidal wave over the city, sank a gunboat in the harbor, destroyed docks, warehouses and the railroad station, cut off water and light, killed 30, injured 100. Cardenas...
Meanwhile last week Gerardo Machado y Morales was traveling from Nassau. Bahama Islands, to Montreal. With guns in belts, he and his friends ate in their cabins. When the ship docked at Hamilton, Bermuda, he waited until the dock was clear, then appeared at the head of the gangway. Bermuda's Chief of Police hastened up, spoke in his ear. Machado & friends went back to their cabins. Asked by newshawks what would be his last wish if he knew he were about to die, he replied : "That Cuba might always be a free and sovereign State." He added...