tax strategy

Reply #37

taxguy — Wed, 11 Apr 2007 16:54:19 GMT

Sir Metro

At last... someone with a sense of humor!!!! I will endeavor to more adequately explain the possible strategy, but I don't have time right now. A little later today perhaps.

Reply #36

SirMetro — Tue, 10 Apr 2007 22:33:38 GMT

You want this Forum to be only for people who think ONE WAY -YOUR WAY. <--You mean there's an alternative way of thinking?

If you don't agree with them, don't let them talk. <--Ain't duct tape awesome?

And you certainly wouldn't want the folks to get exposed to any ideas you have not approved of. <--Exposed...Cover your eyes Margaret (doing my best Ray Stevens impersonation)

LET'S NOT FORGET TO BAN THE BOOKS <-- Who needs books with the Internet now?

THE GUNS <--Sure, why no... [ More ]

Reply #35

SirMetro — Tue, 10 Apr 2007 22:22:23 GMT

You are correct in that I did misread your post (portion referenced reposted below for clarity). For that I do apologize. However, I do ask this, how does gift/estate tax factor into what would basically be purchasing and/or exchanging of your Operating Loss ?

Because the law has changed on gift tax, in 2007, my wife and I can each gift an individual up to $2.0M without triggering the gift tax. This impacts your otherwise good calculations and increases the savings substantially.

All

Reply #34

jarasan — Tue, 10 Apr 2007 21:55:28 GMT

Does this person know that BS. causes global warming, this person does not represent the people of Madison County very well or is it Texas? Go to a lawyer forum or something. Troll away elsewhere.

Reply #33

OldSchoolPa — Tue, 10 Apr 2007 21:42:56 GMT

Well, it looks like someone way south of you just came into $44.5M so you might be in luck. Of course, the winner could be a trucker who was passing through the area and just decided to buy a QP on a whim just because the Texas Lotto was nearly as large as the Mega game...happy searching for someone with huge lottery loot to go along with your proposal.

Reply #32

RJOh — Tue, 10 Apr 2007 21:34:58 GMT

Why would anyone want to know a stranger who's offering to help them by dumping $4.8M worth of his debt on them regardless of what he looks like? Nobody looks that good.

Now you really sound like a scam artist when you compare that with the banning of books, music and people that look different.

Reply #31

konane — Tue, 10 Apr 2007 21:33:31 GMT

And take away our entertainment?? Whyyyyyyyy???

I've seen the astute minds of LP members systematically dissect schemes like this before, exposing them for what they really are ...... just like they're doing right now. Keep up the excellent work folks

Reply #30

taxguy — Tue, 10 Apr 2007 21:09:52 GMT

You could not have made my point any better...

You want this Forum to be only for people who think ONE WAY -YOUR WAY. If you don't agree with them, don't let them talk. And you certainly wouldn't want the folks to get exposed to any ideas you have not approved of.

LET'S NOT FORGET TO BAN THE BOOKS, THE GUNS, THE MUSIC AND PERHAPS ANYONE WHO LOOKS DIFFERENT TOO.

Reply #29

fwlawrence — Tue, 10 Apr 2007 20:52:10 GMT

Is there any way you can just ban people like this from Lottery Post

Reply #28

konane — Tue, 10 Apr 2007 20:33:09 GMT

Remember we've had students log in here doing research as part of a class project. Perhaps this is one of them.

Reply #27

fwlawrence — Tue, 10 Apr 2007 20:23:49 GMT

A lottery ticket is a bearer instrument not a bearer bond. A bearer bond is just a bond with no reference to the bondholder on the certificate on on the books of the corportion.

Reply #26

taxguy — Tue, 10 Apr 2007 20:07:19 GMT

Guru 101/Master Mason:

Why don't you reread my first post. It plainly says to give both parties substantial additional income. It's not hard; it's in plain English.

KY Floyd:

Re: Your coin example

1. Yes, it is a gift

2. The value(or better termed, the basis for gift tax purposes) would be $112,000.

3. The gift tax due from the son(beneficiary) is $-0-; the gift tax due from the father(donor) is likewise $-0-

*recipients don't pay gift tax

*donors tax... [ More ]

Reply #25

Guru101 — Tue, 10 Apr 2007 03:07:49 GMT

We all know this guy is up to no good. It's still kinda funny though how losers like this get on a site and expect all the members to just go along with it like it's completely harmless.

Reply #24

MegaWinner — Tue, 10 Apr 2007 02:19:38 GMT

What gets me Sir Metro is how taxguy in his first reply claims to be an accountant helping someone else and in another reply claims that it is him that wants to do this. I smell a rat.

Reply #23

SirMetro — Mon, 09 Apr 2007 22:05:24 GMT

I am an accountant who has a very large net operating loss ($4,800,000) that I think could be combined with someone's winning, but not yet redeemed lottery ticket to give both parties substantial additional income.

Perhaps this would be my first reason to avoid you at all expense. Any, and I do mean ANY Accountant worth their salt would never let anyone other then those who absolutely must be informed, know they have an operating loss.

Has anyone ever used this strategy or does anyone k... [ More ]

Reply #22

KY Floyd — Mon, 09 Apr 2007 21:05:07 GMT

And you too might be honest enough to let your readers know that the issue of of bearer bond status is nonsensical only in YOUR opinion since you are not a qualified tax expert, attorney, accountant, nor are you really likely to have researched the Texas Lotto Reg's with respect to this issue that you are so quick to put forth an opinion on.

The part I've emphasized really says it all, but I guess a red herring is the best argument you've got. The rules and regulations of the Texas lottery... [ More ]

Reply #21

taxguy — Mon, 09 Apr 2007 15:34:35 GMT

I have consulted not only with one qualified tax consultant, but with several.

One of those tax consultants suggested that I seek feedback, not advice from anyone in the Industry, other tax people and from anyone who might possiblyhave used or attempted to use a similiar tax strategy.

The internet and these kinds of forums are particularly useful in contacting the broadest number of people on a particular topic, hence my posting and asking a QUESTION.

Not to be argumentative, but you

Reply #20

KY Floyd — Fri, 06 Apr 2007 17:47:54 GMT

For somebody claiming to be an accountant you're sounding very ignorant. The specific plan you're thinking of might not be settled case law, but the laws about the building blocks were settled along time ago, and it isn't Texas state law or Texas lottery regulations that matter. It's federal law and it's federal prison we're concerned with.

First, let's forget your nonsensical claim about the ticket being a bearer bond. That means the ownership isn't registered, not that there isn't an o... [ More ]

Reply #19

Winner2Be — Fri, 06 Apr 2007 17:03:28 GMT

Too damn FUNNY!!!

Anyway...have a

Reply #18

taxguy — Thu, 05 Apr 2007 22:44:34 GMT

As this does not appear to be settled case law, this can only be theory at this time and hence the posting looking for anyone who might be able to give feedback, additional theory or firsthand experience with this concept or some similiar methodology.

I still maintain that based on the bearer bond status as put forth by the Texas Lottery, there is no winning ticket until it is certified by the commission, therefore by definition, there is NO actual intrinsic value to the ticket until it is... [ More ]

Reply #17

OldSchoolPa — Thu, 05 Apr 2007 22:27:11 GMT

This guy must think all lottery winners are new fools. I would rather just be a winner and let him be a loser...I have no problem paying to Uncle Sam what is due Uncle Sam and I would hope any lottery winner would the same. That is one of the big reason I wouldn't talk to a tax accountant right away because all they can see is that portion that is going to Uncle Sam...let's see here, let's say I won $10M cash value and paid my 30 percent tax bill; that still leaves me with $7M; why cry over th... [ More ]

Reply #16

KY Floyd — Thu, 05 Apr 2007 22:07:37 GMT

Creating the partnership or trust after the ticket becomes a winning ticket is a separate issue from ownership of the ticket. If you and I already owned the ticket jointly we would be free to create all manner of legal entities to deal with it. Transferring assets we already own to our own trust is completely different than transferring assets to another individual, regardless of whether or not that individual puts the money in their pocket or their trust.

Based on what you've said so far I'm... [ More ]

Reply #15

tnlotto1 — Thu, 05 Apr 2007 21:28:19 GMT

thanks todd and everybody else for helping to protect us from people who may want to scam us even though i dont have any real money for them to scam out of me right now,ha ha

Reply #14

pigsNtrees — Thu, 05 Apr 2007 21:20:20 GMT

You tell us.

Reply #13

taxguy — Thu, 05 Apr 2007 18:00:28 GMT

Are you kidding? Was this meant to be a serious question

Reply #12

RJOh — Thu, 05 Apr 2007 17:56:37 GMT

Because the law has changed on gift tax, in 2007, my wife and I can each gift an individual up to $2.0M without triggering the gift tax. This impacts your otherwise good calculations and increases the savings substantially.

Hey taxguy,

If you are an accountant who has a net operation loss of$4,800,000, how can you gift anyone 2 let alone $2M

Reply #11

taxguy — Thu, 05 Apr 2007 17:44:17 GMT

I have no idea why you say my IP address is from Iowa... I live in Southlake, Tx and have since 1987. My office is in Grapevine, TX, the north entrance to Dallas-FortWorth Airport.

I am not requesting anyone to contact me. Please post info about the question I asked

Reply #10

taxguy — Thu, 05 Apr 2007 17:40:01 GMT

Because the law has changed on gift tax, in 2007, my wife and I can each gift an individual up to $2.0M without triggering the gift tax. This impacts your otherwise good calculations and increases the savings substantially.

Because a winning lotto ticket in Texas is legally a bearer bond until it is signed and presented to the Lottery Commission, I would strongly dispute your characterization of any fraud being involved. My sources tell me that the encouragement of the State to consult a

Reply #9

delS — Sat, 31 Mar 2007 13:55:44 GMT

If it quacks like a duck, its a duck. If it walks like a duck, its a duck. If it looks like a duck, more than likely its a duck.

A crook is a crook is a crook. There are cyberspace crooks, and the thing is, they thrive because people are so gullible. Its very good that this person is detected early on here as having an ulterior motive.

Reply #8

jarasan — Sat, 31 Mar 2007 13:18:05 GMT

The way in which it is written throws up red flags, no punctuation, odd line breaks, fragmentation, and absolutely coming out of nowhere is very suspect.

Reply #7

Rick G — Sat, 31 Mar 2007 02:28:01 GMT

One of the weirdest propositions I've ever seen posted here.

Any lottery winner who would go along with this would deserve to lose his money.

Reply #6

Coin Toss — Sat, 31 Mar 2007 01:37:03 GMT

It's just a back door attempt at tapping into someone else's jackpot.

Smells rather Nigerian in fact, kwim.

Reply #5

MegaWinner — Sat, 31 Mar 2007 01:28:36 GMT

The nerve of some of these folks that post here. Like Coin Toss said, the difference between tax avoidance and tax evasion is doing 15 to 20. The thing that gets me is what would make this person even remotely think we here at the lottery post would give him advice to go and do somthing as illegal as what he/she mentioned

Reply #4

grengrad — Sat, 31 Mar 2007 01:25:29 GMT

It sounds like a few other scams I have seen. You give him your winning lottery ticket, and he will give you your share back plus extra, Honest!

Lets pretend it is not a scam and consider the benefits and consequences.

I win $10M, and pay 43% tax (35 Federal 8 State), leaving me with $5.7M. No risk of being scammed.

Lets say I win $10M, and Taxguy and I fraudulently tell the lotto office that we were sharing the ticket, so he gets 5M, and I get 5M. I pay my 43% tax, leaving

Reply #3

jarasan — Sat, 31 Mar 2007 00:55:41 GMT

Everybody gets a little nutty right before April 15th. Thank You Again Todd.

P.S. How do spell shyster

Reply #2

Todd — Sat, 31 Mar 2007 00:49:31 GMT

Your profile says you're from Texas, yet your IP address shows you're from Iowa. What's the deal?

BTW, I would warn anybody who may be thinking of contacting this person that this is their first post, and I would recommend against it. Especially considering the unethical, maybe even illegal, activity proposed by this person.

Maybe this is just someone looking to unearth someone willing to do something illegal. I can't imagine any ethical tax guy who would let their client participate... [ More ]

Reply #1

Coin Toss — Fri, 30 Mar 2007 21:58:11 GMT

And the difference between tax avoidance and tax evasion is 15 to 20 years.

This looks very interesting to us, Mr. Gotrocks, after you hit the Mega Millions jackpot, only after, did you contact the We Do Voo Doo Accounting firm, on the other side of the country, and invest with them.

tax strategy

taxguy — Fri, 30 Mar 2007 20:56:11 GMT

I am an accountant who has a very large net operating loss

($4,800,000) that I think could be combined

with someone's winning, but not yet redeemed lottery ticket to give both parties substantial additional income.

Has anyone ever used this strategy or does anyone know of a company who is involved with this as a concept, i.e. putting together someone with a large loss carryforward and someone with an as yet redeemed winning lotto ticket? It would generate

several hundred thousand... [ More ]