The controversy surrounding the release of the Panama Papers has placed the issue of tax avoidance back on the public radar. When people think about tax avoidance strategies that the wealthy use they often imagine a hidden offshore bank account in some remote place in the Caribbean. The truth of the matter is that there are many legal tax avoidance strategies that people can use here in the United States. This article discusses how investing in certain assets can help people reduce or avoid certain taxes. In some states art collectors can sidestep a use tax by permitting their art to be publicly displayed for a specified period of time. This column also explains some of the tax benefits that people can obtain when investing in oil or owning a yacht.
See Lawrence Light, Assets the Ultra-Rich Use for Reducing (or Avoiding) Taxes, Investopedia, April 22, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
