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Senior Advisor

Re: This thread needs an accountant

Don't speak for me.. You don't know what i think.  I  assume that Buffets $7 million in taxes must have resulted  from income of some sort. If it was indeed capitals gains the tax rate would havwe been 15% of the gain on sold issues. The billions of capital gains on unsold issues remain untaxes. His secretary probably pays at least 15 % on her ordinary income plus the 15% in Fica taxes.

 

I am not making these numbers up as Buffet himself has made this observation. Are you trying to argue with him?

 

 

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Honored Advisor

Re: This thread needs an accountant

No not arguing just clarifying.

you keep refering to capital gains as income and wealth and it is not until it is realized.  If we start taxing that we are going to owe the Kodak folks a lot of money,  And the Wonder bread owners, and the Continental Airlines owners, the enron owners etc.

 

Trying to be helpful but when one heres something he disagrees with it sounds like it is taken as agruing.

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Senior Advisor

Re: This thread needs an accountant

You don't think the stockholders of those failed companies showed capital losses ontheir tax forms?

 

You are doing the challanging and you don't make sense.

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Honored Advisor

Re: Estate Taxes..Uff Da

Not without a basis from transfer or sale.
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Senior Advisor

Re: Estate Taxes..Uff Da

Not under any condition. I guess he thinks exaggeration is a powerful argument.  He can't name one circumstance where the federal estate tax will be 50% of everything you own.

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Honored Advisor

Re: Estate Taxes..Uff Da

The original issued stock untraded, will at best have the original par value of the original # of shares. Could b a low amount to write off.
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Honored Advisor

Re: Estate Taxes..Uff Da

Privately help corps go under with little to write off, if they started small.
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Honored Advisor

Re: Such a confusing thread...

One of my two younger sisters married a guy from West VA.  We used to have a really good time kidding him on that account.  (For example:If two people from West Virginia get a divorce, does that mean that they aren't cousins anymore?(

 

If you go back far enough in my family, to the mid-1600s, when there were only a handful of European women in the Virginia Colony, my family tree reaches a point where, as Jeff Foxworthy used to say, "It doesn't fork...."  I figure that everything that has influenced our genome in the ensuing 350 years was enough to dilute anything really heinous. 

 

Mathematically, everyone alive today is supposed to be at most a fiftieth cousin to everyone else.  We are all way more alike than we are different. 

 

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Advisor

Re: Such a confusing thread...

Yeah, that's about right.  

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Advisor

Re: Estate Taxes..Uff Da

BA, I get what you are saying, but don't worry about how the system "penalizes" the cash buyer and benefits the individual buying on credit. Some of the credit buyers are already penalyzing themselves. I've never understood the logic of borrowing money(more than 1 year) on a piece of equipment that is being written off in one year. I see this happen where a guy takes a 5 year loan and then expenses all the depreciation immediately. always looked to me that they are painting themselves into a corner. Maybe there is some secret, as you said earlier, but i doubt it.  A good friend of mine says we'll all end up with the same amount of land...

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