Apparently, you can owe taxes for money that you should have, but don’t.
It’s called “constructive receipt” and this theory has become the center of the IRS’ case against two-time Indianapolis 500 winner Helio Castroneves.
Let’s recap an article that came out yesterday from the Associated Press. The IndyCar Series superstar took over what would have been the late Greg Moore’s ride at Team Penske in 2000.
$5 million of his $6 million contract was set to be given to Panamanian company Seven Promotions — a stipulation that was part of the deal created by… Details
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on Wednesday, March 11th, 2009 at 7:38 am and is filed under Automobile, Formula & Indy Cars, Sports Car.
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