Word: feeder
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...those in feeder funds, it's more of a waiting game. Those victims can opt to file amended returns, but the IRS recommends they wait for their partnerships or fund managers to issue revised K-1's, which may take many more months, up to Sept...
...filed will need to go back and amend their returns, noting the new rules, and will get a filing extension to May 15, the IRS said. There are an estimated 4,800 people and/or funds who invested directly with Madoff and many more thousands who invested through pension and "feeder funds." In addition, there are an estimated tens of thousands invested with R. Allen Stanford's alleged $8 billion Ponzi and in the dozen or so Ponzis that have surfaced in the last three months...
Robert Chew is a former investor with Madoff via a feeder fund. He lives in Colorado...
...think we're going to see the IRS come out with guidelines very shortly," said Neil Tipograph, tax partner at New York City-based Imowitz Koenig & Co. LLP, an accounting firm specializing in private-equity and feeder hedge funds. According to Tipograph and other tax experts, victims involved in Ponzis have four ways to reclaim taxes paid on fraudulent income, the first being a good old-fashioned "theft loss" deduction, which allows a person to go back three years and reclaim taxes paid. Currently, no deduction can be made on the original investment, especially if an SIPC claim has been...
...Crimson’s dramatic comeback was cut short last weekend when it yielded two losses to bottom-feeder Brown in the first round of the ECAC tournament...