NY Private Equity Tax Probe Could Undermine Audit Process

Law360, New York (September 4, 2012, 8:47 PM EDT) -- The reported probe by New York's attorney general into whether a dozen buyout firms flouted state law by converting management fees into investments, thereby reducing their tax burdens, could raise revenue for the Empire State but could erode corporate confidence in the audit process, an expert said Tuesday.

New York Attorney General Eric T. Schneiderman's office is reportedly quizzing private equity giants including Bain Capital LLC — whose founder Mitt Romney is running for the White House — KKR & Co. LP  and TPG Capital LP, seeking...
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