Appeals court rules for Wis.-based Menard Inc.
CHICAGO (AP) — A federal appeals court says Eau Claire-based Menard Inc. doesn't owe a disputed $5.5 million in back taxes.
The 7th U.S. Circuit Court of Appeals ruled 3-0 Tuesday in favor of the national home-improvement chain. The company is owned by billionaire John Menard, one of Wisconsin's richest residents.
At issue was how much of his $20.6 million compensation in 1998 was taxable. The U.S. Tax Court had ruled that $13.6 million counted as a dividend, meaning the company couldn't deduct it as a business expense.
The Tax Court ordered Menard Inc. to pay $5.7 million, later amended to $5.5 million.
Tuesday's decision means the company doesn't owe anything.
John Menard's attorney declined to comment Wednesday.
Mar 11, 2009 at 10:16 p.m.
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prevention said "he wants more money in a declining economy? is he based on greed?"
Then he says "I was just posing some rhetorical questions".
C'mon prevention. Don't pee on my shoes and tell me it's rainin'.
Mar 11, 2009 at 5:19 p.m.
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Class envy? If being greedy and selfish is part of making more than $40,000 a year, I wouldn't want to be 'rich' if my life depended on it. I'm quite happy at the 'average' income I am at.
I was just posing some rhetorical questions. I was not stating for or against. So, toasty, I am assuming you know his tax and income information? Just curious, but rhetorical.
Mar 11, 2009 at 3:58 p.m.
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Menard's wins a court battle...now that is a first.
Mar 11, 2009 at 2:22 p.m.
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So predictable! I knew as soon as I read the sentence "The company is owned by billionaire John Menard, one of Wisconsin's richest residents", that someone would say something negative about him.
I do not know the man, but I will remind anyone feeling "class envy" that you'll never get a job from a poor man.
Mar 11, 2009 at 1:26 p.m.
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prevention, maybe its because he doesn't want to pay taxes he does not owe. Would you like to pay taxes you don't owe?
Mar 11, 2009 at 12:36 p.m.
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The compensation was in 1998. He's already been paid. How would paying more taxes to the government help his employees now?
Mar 11, 2009 at 12:31 p.m.
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oh, c'mon, he wants more money in a declining economy? is he based on greed? or would he like to see his employees succeed as well?
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