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The vast amounts of money involved in tax write-offs give only a hint of the scale of these clandestine operations.
But Johnson thought he'd found a way out--a potential tax loophole that would allow the native corporations to sell their losses to profitable companies seeking tax write-offs.
Apart from restructuring expenses for the brokerage business (CHF 55 million/US $43 million) and general streamlining costs (CHF 24 million/US $19 million), deferred tax write-offs (CHF 22 million/US $17 million) and depreciation on IT systems (CHF 12 million/US $9 million) reduced the net profit to CHF 82 million (US $64 million).
He has a lot of income, is in the highest tax bracket, and has few tax write-offs.
In fact, the companies that enjoyed the biggest tax write-offs actually performed the worst.