Tax prosecutor wants AIG’s Joesph Cassano to testify
US federal prosecutors the UK-based former AIG Financial Products boss Joseph Cassano, to testify in a $306.1m tax case, Dow Jones reports.
The Manhattan Attorney's office says AIG isn't entitled to claim a foreign-tax credit for seven transactions at issue in the 1997 tax year and the insurer engaged in "abusive tax shelters."
"The transactions at issue are designed to be incredibly complicated and opaque, and will require extensive factual and expert discovery," prosecutors wrote. "But the government believes that, at the end of discovery, the evidence will show that the transactions are unlawful."
AIG sued
AIG sued the US government in February to recover $306.1m in federal income taxes, penalties and additions to tax that it claims were erroneously and illegally assessed for tax year 1997.
Prosecutors believe the transactions were designed so that AIG could claim foreign tax credits for taxes that weren't borne by AIG.
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