corporation gives him $15 million mortgage to buy a house?
The corporation holds the title, executive is the borrower.
100% financing. Two years later, the board votes to forgive the debt.
The Corp. still owns the house. Is there anything in the proposed bill where the borrower gets to keep the house?
Nice tax free compensation. Win, win for the executive and the corporation.
How? The executive paid mortgage, right? The Corp paid for the house and keeps the house.
Why go through all this roundabout? The Corp can buy the house outright and "rent" it to the exec for a small rent. Kind of like White House where rent is 0. Trust me, the Corp & Exec have loopholes broad enough to sail an oil tanker through. This is really small potato stuff.
