<p>We all love a good tax loophole -- as long as we're the ones benefiting. And there have been some doozies. To celebrate the 150th anniversary of the IRS on July 1, we took a stroll down memory lane to highlight some of the most egregious loopholes that have found their way into the U.S. tax code.<br><br>Investopedia defines a loophole as "a technicality that allows a person or business to avoid the scope of a law or restriction without directly violating the law. ..." The following are some of the worst or best loopholes in tax history, depending on your point of view.</p> Source: Photograph by Ulrich Mueller/Getty Images
It’s good to be the chief executive officer of a company that’s about to ship 500 million diapers in a single year. For one thing, you get to drive a golf cart as fast as you want in your new 1,250,000-square-foot warehouse.
Photographers and tourists swarmed former President Bill Clinton as he admired a Day-Glo orange electric car, barely bigger than a golf cart, parked in Times Square. As cameras flashed, best pal Terry McAuliffe gave Clinton a personal tour of his latest project, proudly describing the tiny car’s features as if it were a new baby.