Still, much of the recent aha moment is aimed at his business savvy and profit making activities more than his tax dodging.
Operating pre-tax profit in the wealth management business was the highest in the bank's history, said Mr Gorman.
The investment banking division, which is the motor of the group's business, posted a 57% decline in pre-tax profit to 447m euros in the final quarter, thanks to a sagging demand for debt products.
He runs his consulting business as a sole proprietorship paying self-employment tax on the whole profit.
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Out of that post-tax profit the company then retains some earnings to further invest in the business and then pays the rest to the shareholders as dividends.
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Perik's target profit margin is the same for the assessment business as for test prep, 20% after tax. (Test prep accounts for 70% of the company's revenues, K--12 the rest.) His risky strategy: Instead of emphasizing customized assessment tests for particular school districts, he plans to deliver a more generic product.
Net profit from continuing business was 113m euros, after certain exceptional charges including changes to the company's tax payment.
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It was incorporated as an Illinois not-for-profit corporation in 1963 at the behest of the ABA, which is a tax-exempt business league.
The first of the less worrying sort involves moving a physical business such as a manufacturing plant to a tax haven and then attributing as much profit to it as possible.
In addition, PRIs are exempted from the excess business holdings tax, generally imposed for investments that comprise more than a 20 percent interest in for-profit ventures, as well as the jeopardizing investment tax, generally imposed for investments that financially endanger the charitable work of the foundation.
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Please note that there are separate rules for losses on property held in connection with a trade or business, or in a transaction entered into for profit, and should this apply to you, please speak with your tax advisor.
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