Word: cayman
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Dates: during 1990-1999
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...didn't realize that the IRS regards racehorses as a tax-deductible part of the "farming business," along with cattle and pigs. But that's all right. Next year you can always pick up a hefty deduction simply by changing your name, or you can incorporate yourself in the Cayman Islands and start racking up impressive business losses by issuing yourself big dividends. Maybe you'll even "lose" so much that the IRS will give you refunds going back for years...
...CRICO on Barbados is one of two such companies maintained by Risk Management off-shore. There is also a Controlled Risk Insurance Company with headquarters on Grand Cayman in the Cayman Islands. Both companies are Harvard subsidiaries...
Harvard established the Cayman CRICO in 1976 and added the Barbados CRICO in 1986 in order to take advantage of a favorable tax treaty between the U.S. and the island. But the Barbados company has been dormant since the treaty expired in March 1989, and Creasey says he is looking to move...
Dwight Merren, an administrator for the Midland Bank Trust, which administers the Cayman Island CRICO, said he did not believe a move is imminent for the Barbados company. Hesaid he believed the lower taxes paid by theoff-shore company would make it difficult to leavethe Caribbean...
Indeed, a review of the tax records of bothcompanies shows that each are in good financialhealth. The Cayman CRICO, the more prosperous ofthe two, had more than $50 million inundistributed earnings and nearly $155 million inreserve for outstanding claims...