Buffett's Latest Tax Break: again he foils the IRS

From the WSJ.com:

For a guy who spends a lot of time advocating for higher taxes, Warren Buffett does a remarkably good job of minimizing his own corporate tax bill. This is all to the good for Mr. Buffett and his fellow Berkshire Hathaway shareholders, who no doubt can invest the money more wisely than the federal government is likely to do.

Mr. Buffett's recent decision to invest in Bank of America represents another tax-avoidance triumph for the Berkshire chief executive. U.S. corporations are subject to a top federal income tax rate of 35%, the second highest in the world. But Mr. Buffett and the Berkshire bunch won't pay anything close to that on their investment in BofA preferred shares....

With the exclusion for Mr. Buffett and his fellow shareholders, Berkshire will enjoy an effective tax rate of 14.175% on the $300 million in dividends it will receive each year from Bank of America.

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Wisdom in action from Warren "Do as I say, not as I do" Buffett

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Link: http:http://online.wsj.com/article/SB10001424053111904332804576538580352785252.html