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Segment 3 (No-Name Bonds) #498234

NBC Evening News for Wednesday, Mar 08, 1978
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(Studio) Report is on no-name bonds, which present temptation to People to break tax laws.
REPORTER: John Chancellor

(DC) Details given of new banking Practice of bonds on which bank reports nothing. Representative Benjamin Rosenthal's Planned hearings into Practice noted. [ROSENTHAL - cites newspaper ads which he claims all but state openly that these bonds aren't reported to IRS (Internal Revenue Service) and buyer doesn't have to Pay taxes on them.] View of Columbus, Ohio's, City National Bank President John McCoy reported [McCOY - describes Privacy many customers like. Says IRS (Internal Revenue Service) has ways to find out about person's finances if they think person is cheating on taxes.] Pennsylvania's outlawing of no-name bonds reported [State banking secretary William WHITESELL - thinks many purchasers see these bonds as way to dodge tax payment.] Possible actions by government noted. Comment of tax expert re: people trying to hide incomes in Monaco or Switzerland cited.
REPORTER: Carl Stern

Chancellor, John;
Stern, Carl

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