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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Sep 29, 1977
Page
9
A Detroit based discussion examines how executive perks such as low interest loans, company plane use, and free cars affect tax liability and perceptions of business ethics. Tax experts note conditions where such benefits are income, while IRS views on parking and meals vary.
James Waterston of Detroit Bank and Trust cites risk based rates, with prime at 7.25 percent and up to three percent over prime for higher risk borrowers. C Boyd Stockmeyer notes overdraws risked penalties and possible loss of business. IRS scrutiny of company plane use ties to taxable income for executives.
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