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tax strategy

Topic closed. 37 replies. Last post 10 years ago by taxguy.

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New Member
southlake, TX
United States
Member #51168
March 30, 2007
9 Posts
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Posted: March 30, 2007, 4:56 pm - IP Logged

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 extra dollars to a Lotto winner.

    Coin Toss's avatar - shape barbed.jpg
    Zeta Reticuli Star System
    United States
    Member #30470
    January 17, 2006
    10344 Posts
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    Posted: March 30, 2007, 5:58 pm - IP Logged

     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.

    Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

    Lep

    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

      Todd's avatar - Cylon 2.gif
      Chief Bottle Washer
      New Jersey
      United States
      Member #1
      May 31, 2000
      23259 Posts
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      Posted: March 30, 2007, 8:49 pm - IP Logged

      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 extra dollars to a Lotto winner.

      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 in something like this.

       

      Check the State Lottery Report Card
      What grade did your lottery earn?

       

      Sign the Petition for True Lottery Drawings
      Help eliminate computerized drawings!

        jarasan's avatar - new patrick.gif
        Harbinger
        D.C./MD.
        United States
        Member #44103
        July 30, 2006
        5583 Posts
        Online
        Posted: March 30, 2007, 8:55 pm - IP Logged

        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 in something like this.

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

        P.S. How do spell shyster?

          grengrad's avatar - nw rogue.jpg
          Raleigh
          United States
          Member #49057
          January 17, 2007
          172 Posts
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          Posted: March 30, 2007, 9:25 pm - IP Logged

          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 me with 2.85M. He only has to pay tax on 5M, which leaves him with $4.91M. He needs to give me 2.85M just for me to break even. Lets say however that he makes it 3.35M to make it worth my team. Of the 3.35M, he is liable for gift tax of 45% on 2.35M, which turns out to be 1.06M in tax. This leaves Taxguy with $.5M and me with my original 5.7M, plus $.5M extra. If Taxguy keeps his word, that is a nice profit, but if he scams, me, then I end up getting only $2.85M.

          You also have the further consequence of the IRS coming by to ask you why he gave you 2/3rds of his share when you were supposed to be splitting it evenly.

          I would rather have $5.7M and enjoy it from a sunny beach, than have $6.2M and enjoy from a prison cell.

            MegaWinner's avatar - Lottery-029.jpg
            New Jersey
            United States
            Member #50273
            March 3, 2007
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            Posted: March 30, 2007, 9:28 pm - IP Logged

            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?

            Sun Smiley I got my fingers crossed ready to win!!! Sun Smiley

              Coin Toss's avatar - shape barbed.jpg
              Zeta Reticuli Star System
              United States
              Member #30470
              January 17, 2006
              10344 Posts
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              Posted: March 30, 2007, 9:37 pm - IP Logged

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

              Smells rather "Nigerian" in fact, kwim.  

              Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

              Lep

              There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                Rick G's avatar - avatar 1766.jpg
                FEMA Region V Camp #21
                United States
                Member #520
                July 27, 2002
                5699 Posts
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                Posted: March 30, 2007, 10:28 pm - IP Logged

                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 extra dollars to a Lotto winner.

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

                What?

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

                Posted 4/6:  IL Pick 3 midday and evening until they hit:  555, 347 (str8).


                  jarasan's avatar - new patrick.gif
                  Harbinger
                  D.C./MD.
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                  Member #44103
                  July 30, 2006
                  5583 Posts
                  Online
                  Posted: March 31, 2007, 9:18 am - IP Logged

                  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.

                  Spam

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                    md
                    United States
                    Member #14047
                    April 20, 2005
                    579 Posts
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                    Posted: March 31, 2007, 9:55 am - IP Logged

                    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.

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                      southlake, TX
                      United States
                      Member #51168
                      March 30, 2007
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                      Posted: April 5, 2007, 1:40 pm - IP Logged

                      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 tax advisor before you  cash in provides for all manner of partnerships, trusts, etc. to be created and in fact, this happens in almost every instance to help minimize tax consequences.

                      While this may or may not actually work( Asking for information to see if anyone has utilized this method is a way to guage its viability), the use of a perfectly legal Net Operating Loss does not mean anyone winds up in a prison cell. At worst it is merely disallowed by the IRS.

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                        southlake, TX
                        United States
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                        Posted: April 5, 2007, 1:44 pm - IP Logged

                        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

                          RJOh's avatar - chipmunk
                          mid-Ohio
                          United States
                          Member #9
                          March 24, 2001
                          19816 Posts
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                          Posted: April 5, 2007, 1:56 pm - IP Logged

                          "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?

                           * you don't need to buy more tickets, just buy a winning ticket * 
                             
                                       Evil Looking       

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                            southlake, TX
                            United States
                            Member #51168
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                            Posted: April 5, 2007, 2:00 pm - IP Logged

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

                              pigsNtrees's avatar - pigsNtrees
                              Mallorn trees of Lothlorien
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                              November 14, 2005
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                              Posted: April 5, 2007, 5:20 pm - IP Logged

                              You tell us.

                              Quando Porca Volare!

                              drunk hobbit