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Bain Among Buyout Firms Said to Be Probed Over Tax Tactic
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| Contributor | Homegrown Democrat |
| Last Edited | Homegrown Democrat Sep 02, 2012 01:38pm |
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| Category | Investigation |
| Author | David McLaughlin and Cristina Alesci |
| News Date | Sunday, September 2, 2012 07:00:00 PM UTC0:0 |
| Description | Bain Capital LLC and Apollo Global Management LLC (APO) are among private-equity firms subpoenaed by New York’s attorney general in an investigation into whether they are depriving the state of tax revenue, according to two people familiar with the matter.
New York Attorney General Eric Schneiderman is probing a practice that reduces tax liability of the buyout firms by converting management fees paid by their investors into fund investments, which are taxed at a lower rate, said the people, who asked not to be identified because the investigation hasn’t been disclosed publicly.
At least a dozen firms were subpoenaed in July, one of the people said. Other firms that received subpoenas include KKR & Co. (KKR), TPG Capital, Silver Lake and Providence Equity Partners Inc.
The investigation is being conducted by Schneiderman’s taxpayer protection bureau, the New York Times reported yesterday. Michelle Duffy, a spokeswoman for Schneiderman, declined to comment on the investigation. |
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