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That guy has also had a few... problems:
From Commerce One to Commerce None
The Internal Revenue Service says Thomas Gonzales Sr. used a sham tax shelter to shield gains of $350 million from what looks like astute selling of family shares in Commerce One, a symbol of the dot-com boom and bust. Gonzales, of Incline Village, Nev., is in U.S. Tax Court fighting an $80 million bill. Touting business-to-business software, Commerce One shares rose 3,834% between the July 1999 initial offering and March 2000. Gonzales, whose since-deceased son was a company cofounder, himself had been an executive vice president. He left in 1998 but, a prospectus says, retained an unspecified holding. The IRS says Gonzales offset a $347 million gain in 2000 and another $3 million in 2001. The firm flamed out, and its assets were sold after a 2004 bankruptcy. The feds say the shelter--sold by now-tarnished KPMG--improperly inflated the investment's tax basis. Gonzales' lawyer had no comment. --Janet Novack and William P. Barrett
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