>>>>>>http://www.techdirt.com/articles/20110707/03264014993/riaa-accounting-how-to-sell-1-million-albums-still-owe-500000.shtml
>>>>>
>>>>>The movie business operates the same way. You can do boffo box office, a certifiable hit, and by the time the accountants are done with it it lost money.
>>>>
>>>>Not necessarily. That only happens when the actors or writers have contracted for a percentage of the profits.
>>>
>>>No, that's not the only time it happens. Of course the studios are more motivated to monkey with the numbers when someone is in line for a %.
>>>
>>>http://en.wikipedia.org/wiki/Hollywood_accounting
>>
>>And not mentioned in that piece. No profit no tax to pay. So a lot of very rich people are paying very little tax.
>
>No news there. Warrren Buffett says it's ridiculous that he pays a lower tax rate than his receptionist.

He probably has a better accountant than his receptionist.:-)