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Fraud
"I will gladly pay you a razor blade on Tuesday for 562 prefabricated
buildings today..."
GREAT VALLEY PROF HELPS NAB CORPORATE TAX EVADERS
The IRS lost at least $44 billion in 2000 because many companies
over-invoiced their imports to - and under-invoiced their exports
from - U.S. affiliates in order to artificially lower their federal
income tax liability, according to a Penn State Great Valley
researcher. Associate professor of finance Simon Pak and research
partner John Zdanowicz, of Florida International University, released
a study on the topic last November. Some abnormally priced U.S.
imports documented by the study included $5,655 toothbrushes and
single edge razor blades for shaving at $461 each. Abnormally low
priced U.S. exports included $528 bulldozers and prefabricated
buildings at a paltry 82 cents. Pak and Zdanowicz were recently
awarded a grant from the federal government to help Uncle Sam make
sure it gets its fair share of the tax pie in the future. For more
information, call Pak at (610) 648-5343. Penn State Great Valley is
on the Web at http://www.gv.psu.edu.
--
Matthew Hunt <[email protected]> * I must escape the Muzak!
http://www.pobox.com/~mph/ *
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