For the young whippersnappers just getting started on Wall Street, and even for the veterans, legendary investor Julian Robertson has a lot of wisdom to impart. His sagely advice today, however, is not about how to navigate the markets, per se. It’s about pinching a penny and not letting the state of New York make you its bitch.

Julian, you see, has homes in both New York City and in Locust Valley, on Long Island (he has homes elsewhere, of course, as billionaires tend to do but today’s lesson focuses just on these two). When he was filling out his taxes a few years back, he noted that he was a resident of the state of New York but not the city, where he only does businesses. If he had been a resident of the city, he would’ve had to pay a few more million in taxes, so it’s nice for him that it worked out that way. The IRS, however, was skeptical. They didn’t believe JR spent the majority of his nights of the year sleeping on Long Island. They initiated an audit, probably thinking that as a man of considerable wealth and better things to do, Robertson would roll over and take it. Well they thought wrong!

…last fall, the hedge fund billionaire Julian H. Robertson Jr. presented evidence that he had had his assistant painstakingly collect to account for his whereabouts each day, and said that on some late nights he had frantically searched for a car to take him back to Locust Valley, on Long Island, so that he would be outside the city limits before midnight. He convinced the tribunal that he had spent less than half of 2000, the year in question, in the city, and thus did not owe back taxes of $27 million.

So, what have we learned here today? If you don’t want to get taken for a ride by The Man:

1) Make sure you have an assistant who will nearly kill herself helping you legally evade taxes.

2) Make it your BUSINESS to get out of the city before midnight; I don’t care if you have to hitch a ride with a guy in a Honda civic on his way to Canada, bribe a pedicab or steal a bus, you do what it takes.

Good luck out there.

Tax Form Uses Second Home To Flag Residency [NYT]

36 comments (hidden for your protection)
Show all comments ↓

Comments (36)

  1. Posted by Cheapskates of America | February 24, 2011 at 5:59 PM

    If he can afford an assistant who only tracks his whereabouts for the IRS, can’t he afford a car and driver, or at least have a DialCar or UTOG account?

  2. Posted by Cheapskates of America | February 24, 2011 at 5:59 PM

    If he can afford an assistant who only tracks his whereabouts for the IRS, can’t he afford a car and driver, or at least have a DialCar or UTOG account?

  3. Posted by Cheapskates of America | February 24, 2011 at 5:59 PM

    If he can afford an assistant who only tracks his whereabouts for the IRS, can’t he afford a car and driver, or at least have a DialCar or UTOG account?

  4. Posted by Cheapskates of America | February 24, 2011 at 5:59 PM

    If he can afford an assistant who only tracks his whereabouts for the IRS, can’t he afford a car and driver, or at least have a DialCar or UTOG account?

  5. Posted by Pedicab Stud | February 24, 2011 at 6:19 PM

    The man’s a menace.

  6. Posted by Milksteak | February 24, 2011 at 6:20 PM

    More baller to make someone else keep track of things than have a system that does it for you automatically. That simple fact is one of the first lessons I teach in Ballernomics 302.

  7. Posted by Jason STATHAM. | February 24, 2011 at 6:23 PM

    This is truly baller.

  8. Posted by Guest | February 24, 2011 at 6:24 PM

    I can never find a cab or a car when I need one.

    -guy who doesn’t plan ahead in areas outside work

  9. Posted by Guest | February 24, 2011 at 6:24 PM

    I can never find a cab or a car when I need one.

    -guy who doesn’t plan ahead in areas outside work

  10. Posted by Anonymous | February 24, 2011 at 6:31 PM

    Julian shoves his fist in the horses vagina so he can make the IRS agent smell his fingers.

  11. Posted by Cheapskates of America | February 24, 2011 at 6:33 PM

    Extra credit for combining two stories which I never thought could be linked!

  12. Posted by Guest | February 24, 2011 at 6:34 PM

    3) Keep your money with UBS or Credit Suisse.

  13. Posted by Anonymous | February 24, 2011 at 6:47 PM

    I think Bess put that one up on a tee. Is it a coincidence that she chose to use “Horse-Drawn Carriage” in the title so close to the horse post from the other day? I would say not. Bess can lead a horse to water but she can’t make it drink unless she puts her fist up its vagina. You see the vagina is a metaphor for the Dealbreaker community (posters) and Bess is the puppet master pulling the fisting strings (the stories).

    Does that make sense?

  14. Posted by Guest | February 24, 2011 at 6:53 PM

    IRS Agent: But tell me this Mr Robertson, how do you know so much about Oops I crapped my pants?

    JR: Because I’m wearing them know, and I just did.

  15. Posted by Guest | February 24, 2011 at 6:53 PM

    IRS Agent: But tell me this Mr Robertson, how do you know so much about Oops I crapped my pants?

    JR: Because I’m wearing them know, and I just did.

  16. Posted by Anonymous | February 24, 2011 at 7:10 PM

    well said. case in point: i have susan, my white slave, warm up my bed nightly

  17. Posted by Gina_in_VA | February 24, 2011 at 7:17 PM

    Extra extra credit for being able to use the word “vagina” 3X in two posts.

  18. Posted by Gina_in_VA | February 24, 2011 at 7:17 PM

    Extra extra credit for being able to use the word “vagina” 3X in two posts.

  19. Posted by JR | February 24, 2011 at 8:52 PM

    Why would an IRS agent be investigating NYC tax liability? IRS agents have more important things to do – like making sure than tanning salons are paying over the 10% tanning tax.

  20. Posted by Jeff Novitsky | February 24, 2011 at 10:19 PM

    And making sure Barry Bonds doesn’t get away with cheating at baseball.

  21. Posted by I Buy The Drugs | February 26, 2011 at 12:48 AM

    Come on, who remembers their address after 8pm, let alone what car to take.

  22. Posted by GS Pay Scale 2011 | May 4, 2011 at 4:53 PM

    I wanna find more info about this, anybody could?

  23. Posted by GS Pay Scale 2011 | May 4, 2011 at 4:53 PM

    I wanna find more info about this, anybody could?

  24. Posted by Bristol Airport Hotels | April 19, 2012 at 4:39 PM

    T10FVy I am so grateful for your blog.Thanks Again. Cool.

  25. Posted by lainaa puhelimella | April 25, 2012 at 5:35 PM

    I cannot thank you enough for the blog article.Really thank you! Fantastic.

  26. Posted by buy oem software | May 2, 2012 at 7:31 PM

    5OXQak I really liked your blog.Thanks Again. Cool.

  27. Posted by vitamin | August 31, 2012 at 2:11 AM

    Hey cutie from a young womanfan contunue the awesome blog

  28. Posted by bookmarking service | September 10, 2012 at 7:37 PM

    eR3DIJ Appreciate you sharing, great article post.Really looking forward to read more. Will read on…

  29. Posted by Bouncy castle hire Grimsby | September 17, 2012 at 8:32 PM

    I didnt look for this, but I really like this, found it entertaining! Keep up the excellent work!

  30. Posted by sell horse rugs | September 18, 2012 at 12:26 AM

    I didnt look for this, but I really like this, found it helpful! Keep up the awesome work!

  31. Posted by free stuff | September 18, 2012 at 7:56 AM

    I really like and appreciate your blog article.Much thanks again. Keep writing.

  32. Posted by bedrijfsverhuizing Amsterdam | September 18, 2012 at 3:32 PM

    I found something similar elsewhere and really enjoyed. Some more of this please! Thanks very much

  33. Posted by Bradley Desher | September 19, 2012 at 8:24 PM

    This website is certainly rather helpful considering that I’m using the second developing an online floral website in spite of the fact that I’m only commencing out as being a result it is truly relatively little, nothing in any respect similar to this world wide web web-site. Can site link to some from the posts ideal here because they are fairly. Many thanks considerably. Zoey Olsen

  34. Posted by topolino | September 25, 2012 at 8:29 PM

    Bonjour my name is Jill and I’m a blogger and this blog really aided me. I’m refocused! Thanks very much!

  35. Posted by traducir ingles español | September 28, 2012 at 1:07 AM

    I didnt search this, but I really like this, found it enlightening! Keep up the good work!

  36. Posted by nike plus | October 16, 2012 at 2:58 PM

    Friendly relationship might goldthread whom neckties the paper hearts of all of the modern world.
    nike plus http://www.nikefree3runschuhe.com/