Wells Fargo Executive takes free use of Malibu property and gets fired, but should have been taxed

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Though the executive was eventually fired for making use of the repossessed property while it was withheld from the for-sale market, all the bank really needed to do was to charge a rental fee for the use or report that amount as income to him.

 

He’s obligated to pay the tax on the benefit.

 

Read about it here. http://www.dsnews.com/articles/partys-over-wells-fargo-sacks-exec-who-squatted-in-malibu-mansion-2009-09-15

 

 

-sunil

 

SUNIL SETHI REAL ESTATE
    My Bio: http://sunilsethi.com/about_me.htm
Personal: http://www.sunilsethi.com  
LinkedIn: http://www.linkedin.com/in/fremontrealtor
CA DRE#: 01173766

 

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