CEO Privilege?

Romney is reported well into 2001 to have been managing partner and chief executive of Bain but not to have been performing his duties.  Do corporate titles confer active investor status even if no active role is performed?

The transition was ensured when Romney informed the 26 managing directors of Bain Capital recently that he was ‘going limited’.  That meant he no longer intended to resume his duties as managing partner and chief executive of the company, which started or took part in 140 corporate acquisitions since 1984 and has more than $12 billion in assets.” (Salt Lake Tribune, Aug. 21, 2001, quoted by FactCheck.Org, FACTCHECK TO OBAMA CAMP: YOUR COMPLAINT IS ALL WET, Posted on July 2, 2012.)

I bet the IRS assumes that the managing partner and chief executive qualify as active investors.  Managers and Chiefs must be doing a lot of work.  Naive assumption IRS!  Romney had not been performing his duties.

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