The Secret Foreign Bank Account and Legitimate Alternatives

Charles W. Adams, University of Tulsa College of Law

Originally published in TAXES - The Tax Magazine. Copyright CCH, a Wolters Kluwer business © 1971.

Abstract

The author, a member of the California State Bar and consultant, Euro-Dutch Trust Company, George Town, Grand Cayman, B. W. I., labels the use of the secret foreign bank account "foolish and lazy." He suggests that the taxpayer can reduce his tax bite through tax deferral planning, an area in which legislation has been continued and expanded.