He objected to an exemption for district attorneys, which stayed in the bill after the House voted down an amendment Monday to apply the double-dipping
ban to them.
The board ruled that the town's former finance director, Michael Daley -- who retired in 2006 at age 55 and began collecting an $800-per-month pension -- couldn't get around double-dipping
rules by incorporating his consulting work.
Let's Party On: After witnessing a double-dip, 54 percent of young partygoers will step away from the dip bowl, while 22 percent don't mind joining in on the double-dipping
Treasury and the IRS believe that treating a separate unit as a domestic corporation for all purposes includes situations in which double-dipping
is not possible or unlikely, such as when the unit is not taxable in the foreign country.
It explained that the shorter time period should be sufficient to deter any perceived double-dipping
of losses and deductions and noted that it would be consistent with the recent amendment to the section 367(a) regulations, reducing the length of the required gain recognition agreement from 10 years to 5.
You save the cost of hiring an accountant to value the pension, and it prevents the whole double-dipping
dilemma from ever arising.