The Pulitzer Prize committee exhibited a little sense of humor in awarding, on the eve of tax day, the prize in the Explanatory Reporting category to The New York Times reporter David Kocieniewski. For the past year and more, Kocieniewski has been writing a series for his paper called “But Nobody Pays That,” about the curiousities of the Federal tax code that allow some corporations to pay little or no tax.
Among Kocieniewski’s hits have been stories outlining how companies like Sirius XM take large deductions for issuing stock options to their top executives without laying out any cash. (Companies are allowed to deduct the value of the stocks when the execs cash their options in, not the value when the options were issued. The cash-in price, naturally, is higher.)