ALBANY, N.Y. - An official familiar with the probe says New York's attorney general is investigating some of the nation's largest private equity firms, including Bain Capital, founded by Republican presidential nominee Mitt Romney.<br />
The official spoke on the condition of anonymity because of the sensitivity of the probe. It is examining whether the firms used a tax strategy to avoid paying hundreds of millions of dollars in taxes. The practice involved converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.<br />
The New York Times first reported the investigation of more than a dozen firms. Tax experts tell the Times they have differing views about the strategy's legality.<br />
Though Romney collects benefits as a Bain retired partner, the inquiry isn't focused on the time he ran Bain.
Associated Categories: U.S. News, Business News, Politics
Secretary of State Hillary Rodham Clinton developed a blood clot in her head but did not suffer a stroke or neurological damage, her doctors said Monday. They say they are confident that she will make a full recovery.
Nearly a year after a stroke left him barely able to move the left side of his body, U.S. Sen. Mark Kirk is expected to climb the 45 steps to the Senate's front door this week - a walk that's significant not just for Illinois' junior senator, but also for medical researchers and hundreds of thousands of stroke patients.
Tax breaks for manufacturers and higher unemployment taxes for employers take effect with the new year in Georgia, but it remains to be seen whether the state's newest abortion restrictions will be enforced.
After waiting years and seeing marriage rights nearly awarded and then retracted, gay couples in Maine's largest city didn't have to wait a moment longer than necessary to wed, with licenses issued at the stroke of midnight Friday as a new state law went into effect.
Renewed fighting between government forces and rebels seeking to overthrow the president broke out Friday in Central African Republic's third largest city, a military official said, hours after the U.S. ambassador and his team were evacuated from the capital.
A planned Friday afternoon meeting among congressional leaders and the president - their first since Nov. 16 - stands as a make-or-break moment for negotiations to avoid across-the-board first of the year tax increases and deep spending cuts - the fiscal cliff.
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