Golf Carts to Island Divorces: 10 Notorious Tax Loopholes

By Karen Fickes and Warren Joseph of Bloomberg BNA - 2012-06-20T21:55:57Z

Photograph by Ulrich Mueller/Getty Images

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Dubious Deductions

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.

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.