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Monday, July 28, 2008

OHSU docs strike out big time in Tax Court

Twenty-six of them owe the IRS a ton of dough in back taxes and penalties over their 2001 donations of stock in their anesthesiology practice to OHSU. The Tax Court's decision, released last week, is subject to appeal, but the trial judge who heard the case was seriously unimpressed with the values that the docs claimed for their stock.

Comments (5)

I like how the doctors were hoping to qualify for a governmental pension plan, even though OHSU went to such efforts to become a private company.

OHSU doctors, OHSU Medical Group own that first SoWa under a 501C3 and pays no local business taxes, property taxes or TriMet taxes.
They are public, they are private and they are non profit.

Commonly known as having your cake and eating it too.

All very special indeed.

After reading through that ruling I have only two questions:

1. Why weren't these bozos prosecuted for fraud. No matter how I read the report, there are some pretty suspicious activities documented in the court's ruling. Specifically the admonition to NOT bring your tax professional to the meeting where the 8283 form was handed out, and not to share the emails and memos with their tax professionals.

2. What reasons did the two who didn't participate in this scheme give? (I'd love to know the answer to this. Maybe some common sense?).

One small correction to your post, the anesthesiologists donated their stock to OHSUMG not OHSU. (Not that it really makes much difference, and not that OHSUMG is going to exist much longer.)

Thanks for the correction.

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