New York's AG is investigating tax strategies of some of the nation's largest private equity firms, including Bain Capital, founded by Mitt Romney
By Michael Gormley|September 04, 2012 at 07:26 AM
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ALBANY, N.Y. (AP) — New York’s attorney general is investigating tax strategies of some of the nation’s largest private equity firms, including Bain Capital, founded by Republican presidential nominee Mitt Romney, an official familiar with the probe said Sunday.
Attorney General Eric Schneiderman is examining whether the firms have abused a tax strategy to avoid paying hundreds of millions of dollars in taxes, said the official, who spoke on the condition of anonymity because of the sensitivity of the probe. The practice involves converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.
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