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View Diary: FLASH: Mitt knows nothing about business taxation (165 comments)

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  •  LB - that's really not true (8+ / 0-)

    When corporations start to become investment companies, rather than operating companies they fall under the The Investment Company Act of 1940 and are regulated as a mutual fund. People who run real companies, like the Fortune 1000, make very sure they don't fall into that briar patch. Being declared a mutual fund is a really bad thing, unless you intend to be one.

    "let's talk about that"

    by VClib on Mon Sep 24, 2012 at 12:44:58 PM PDT

    [ Parent ]

    •  Thanks for that! (1+ / 0-)
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      VClib

      Did not know about that - but at the same time have worked for companies that were investing large sums of money (perhaps not a huge %) and then having to go into austerity measures when those investments didn't pan out.

      Do you know the cutoffs for the Investment Company Act of 1940? I can look it up too.

      Thanks!!!

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