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S’pore PR skipped US tax but lost $2m of Apple shares to ex-wife
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The American couple’s foray into the US stock market, especially in buying substantial Apple stocks, paid off handsomely.
PHOTO: REUTERS
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- A man lost $2 million in Apple shares in a divorce after he gave the shares to his then wife so he could avoid paying US taxes for them.
- The American's expensive ploy is an example of how sham transactions aimed at avoiding taxes can often end up causing more losses.
- With the Singapore High Court's ruling on this case, spouses here who hold properties separately to avoid paying ABSD may get shortchanged in the event of divorce.
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SINGAPORE - Sham transactions that are done with the purpose of avoiding taxes will often end up causing more losses, as a man found out after parking about $2 million worth of Apple shares with his wife.
When the wealthy American couple, who are permanent residents here, clashed over the shares during their divorce at the Singapore High Court, the man found out to his horror that he no longer owned the shares because he was deemed to have gifted these assets to his then wife as part of his ploy to avoid paying US taxes for them.
