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

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
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