"What the government is saying is, if you are entitled to some cash, and you leave it in your mother's bank account, it's still your cash," said Chas Roy-Chowdrey, a tax expert with the global industry group Association of Chartered Certified Accountants.
That is from the latest AP story out from the Helio Castroneves tax-evasion trial. I imagine it will only get more confusing for us non-tax experts, but the more involved this gets the more I have to think of one specific thing:
Will a jury be convinced that not only all of this scheming was done, but that Helio Castroneves was smart enough and involved in coming up with it?
For the matter, I know its a fairly common thing for athletes to use a system of deferred payments to avoid spending all their money before their playing careers are over; not to mention people using IRAs, 401Ks, and lottery winners using a deferred payment system. Most of those have limits which I won't even attempt to claim I know or understand; but if a lottery winner can defer $200 million over 25 years, that seems like a pretty large limit... however to date Helio hasn't actually gotten deferred pavements so maybe this is different altogether...
Any money experts out there kind enough to elaborate on it for us?