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fnbplanet

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fnbplanet last won the day on March 3 2012

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About fnbplanet

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    Medina, Ohio
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    Retiring VERY Soon!

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  1. Workshop on the WTO Accession of Iraq

    Looks like there's still a ways to go. Maybe they negotiate to speed things up! Click here to see their progress so far
  2. ooooh. That's gonna leave a mark.
  3. CBI News 10/29/2017

    LOVE to see Maliki's name on that list.
  4. The Council voted by secret ballot on the members of the Board of Commissioners of the Independent High Electoral Commission. While a secret ballot doesn't sound "transparent" to us, it makes a huge difference in their voting results. Years ago, I read an article about how "party bosses" watched the public voting of representatives, and met those reps with reprisals if they didn't vote along party lines, as opposed to what they thought might be best for Iraq. With secret votes, Iraq gets more patriotic voting, as in contrast to sectarian voting.
  5. The Kurdish leader said that a secret agreement signed between Maliki and Barzani stipulates that Maliki get a percentage of Kurdish oil smuggled, and be a partner with the Barzani family in the proceeds of oil smuggling, either from Kirkuk or the region in exchange for allowing the expansion of the Peshmerga in the disputed areas, and that gave a pledge Barzani has joined Kirkuk in Kurdistan and turned a blind eye to the impoverishment of the main neighborhoods of the oil-rich city. If true, and there's evidence/witnesses, AWESOME!
  6. Until the CBI website says it's done, I question EVERYTHING.
  7. The IRAQI GOVERNMENT will remove restrictions on currency exchange.... Exchange to brokers? other governments? auctions? Does the IMF need to remove restrictions for the RV/RI also? The word "will", in regards to Iraq, means "soon", as in unspecified. Nonetheless, very exciting indeed!
  8. Iraq is on the precipice of civil war, with tens of thousands of Kurdish Peshmerga forces preparing to face down the Iraqi Army and thousands of Iran-backed Shia militia advancing towards the northern Kurdish-controlled city of Kirkuk. The Iraqi government, which controls the Iran-backed Shia militia known as Popular Mobilization Units (PMU), have given the Kurdish Peshmerga a Sunday 2 a.m. deadline to relinquish oil fields, an airport, and a military base under their control. Najmaldin Karim, provincial governor of Kirkuk, told Breitbart News in a phone interview on Saturday evening just two hours before the deadline, that he has heard some Iraqi forces are going north, some east, and some coming into the city. “We don’t know if anything happens or not,” he said. “We’re ready for them. It’s going to be hard.” Karim said the Iraqi forces include two Iraqi army brigades, including its elite counterterrorism force known as the Golden Division, as well the Iranian-backed Badr militia, Hezbollah, and Asa’ib Ahl al-Haq, and four or five other groups controlled by Iran. He said the Iraqi forces, including the Shia militias, are armed with U.S.-provided tanks, artillery, Humvees, armored carriers, and weapons. On the Peshmerga side, he said there are 12 to 14 Peshmerga brigades with about 2,000 forces each along the front line, which runs about 500 miles. Right now, the two sides are so close they can talk to each other, he said. He said another 20,000 Sunni forces have pledged to fight with the Kurds. Karim is hoping that the U.S. will intervene diplomatically with the Iraqi government before civil war breaks out. He called on President Trump to warn Iraqi Prime Minister Haider Al-Abadi to stop the advance, otherwise the U.S. will stop supplying him with arms. The Kurdish Peshmerga are closely-allied with U.S. forces on the battlefield in both Iraq and Syria against ISIS, even fighting side-by-side during some missions. President Trump’s son-in-law Jared Kushner visited Kirkuk this year, along with the U.S. Joint Chiefs of Staff Chairman Gen. Joseph Dunford, Karim noted. “The president has to do something,” Karim said, adding he is trying to reach the White House through intermediaries in Congress. “If nothing is done, this will be like the Balkans.” Erik Prince, a former Navy SEAL who founded military contractor company Blackwater, urged the U.S. government to intervene on behalf of the Kurds. “The Kurds have been our most reliable ally in fighting against ISIS,” he told Breitbart in a phone interview on Saturday. “There’s no doubt here whatsoever who the good guys are and who the bad guys are.” “If the United States doesn’t prevent a Shia-PMU invasion, you are guaranteeing a civil war in Iraq,” he said. “At a minimum, there should be a negotiated settlement and not a kinetic settlement,” he said. But, he added, the U.S. has “a lot of airpower” and could put “a very quick stop of the PMUs into Kurdish territory.” He called the impending battle a “failure of diplomacy” by the State Department, specifically ISIS envoy Brett McGurk, who is a holdover from the Obama administration. “This is a failure of the Brett McGurk … and the same bad judgment of the Obama administration was carried over because he was not removed and replaced,” he said. “This could have been a much better-negotiated issue, but McGurk hasn’t performed for the duration of his time there.” “The State Department is the same old stuff—I don’t want to use my French,” Karim said. Karim also blamed Tillerson for not doing more to prevent the clash. “They were emboldened by the State department,” he said. The showdown on Sunday was precipitated by a referendum in Kurdistan in September, where 92.7 percent of Kurds voted for statehood. Karim and Prince both said Iran was behind the plan to takeover Kirkuk, since it did not want a successful Kurdistan due to their own Kurdish minority in Iran, which Tehran continues to persecute. Prince said the Peshmerga were not going to let the Iraqi forces take Kirkuk. “If stuff starts happening … the Kurds are hard fighters, they will not roll over and they are especially not going to allow a foreign invasion of Iranian and Lebanese Quds forces and operatives coming to their homeland,” he said. “The Peshmerga will fight and fight and fight to prevent another invasion from Baghdad,” he said. link
  9. Kinda reminds me of a scene from the movie "The Jerk"!
  10. Statement by an IMF Mission on Iraq

    I've always thought that they would have to do better than a buck in order for them to "de-dollarize", like they said they wanted to accomplish.
  11. Not really sure, but there's movement from the IRS regarding taxation of profit/loss in foreign currencies. I am truly sorry that I cannot speak or comprehend "IRSese", a language that I didn't take in school. I thought maybe some of our more astute members might like to take a shot at this. -fnbplanet Issue Number: Notice 2017-57 Inside This Issue Foreign Currency Guidance under Section 987 Notice 2017-57 1. PURPOSE This Notice announces that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to amend the regulations under section 987 to defer the applicability date of the final regulations under section 987, as well as certain provisions of the temporary regulations under section 987, by one year. The final regulations under section 987 were identified in Notice 2017-38, 2017-30 I.R.B. 147 (July 24, 2017), as significant tax regulations requiring additional review pursuant to Executive Order 13789. As part of that review, the Treasury Department and the IRS are considering changes to the final regulations that would allow taxpayers to elect to apply alternative rules for transitioning to the final regulations and alternative rules for determining section 987 gain or loss. BACKGROUND A. FINAL AND TEMPORARY REGULATIONS On January 9, 2017, the Treasury Department and the IRS published Treasury Decision 9794, which contains final regulations relating to the determination of the taxable income or loss of a taxpayer with respect to a qualified business unit (QBU) subject to section 987 (a section 987 QBU); the timing, amount, character, and source of any section 987 gain or loss; and other regulations (the final regulations). On that same date, the Treasury Department and the IRS also published Treasury Decision 9795, which contains temporary regulations under section 987, including the following: rules relating to the recognition and deferral of foreign currency gain or loss under section 987 in connection with certain QBU terminations and certain other transactions; an annual deemed termination election for a section 987 QBU; an elective method, available to taxpayers that make the annual deemed termination election, for translating all items of income or loss with respect to a section 987 QBU at the yearly average exchange rate; rules regarding the treatment of section 988 transactions of a section 987 QBU; rules regarding QBUs with the U.S. dollar as their functional currency; rules regarding combinations and separations of section 987 QBUs; rules regarding the translation of income used to pay creditable foreign income taxes; and rules regarding the allocation of assets and liabilities of aggregate partnerships for purposes of section 987 (the temporary section 987 regulations). Treasury Decision 9795 also contains temporary regulations under section 988 requiring the deferral of certain section 988 loss that arises with respect to related-party loans (the temporary section 988 regulations, and with the temporary section 987 regulations, the temporary regulations). B. APPLICABILITY DATES The final and temporary regulations were effective on December 7, 2016. Dates of applicability for §§1.987-1 through 1.987-10 are provided in §1.987-11. Specifically, §1.987-11(a) states that, except as otherwise provided in §1.987-11, §§1.987-1 through 1.987-10 apply to taxable years beginning on or after one year after the first day of the first taxable year following December 7, 2016. Corresponding provisions under sections 861, 985, 988, and 989 also apply to taxable years beginning on or after one year after the first day of the first taxable year following December 7, 2016. See §§1.861-9T(g)(2)(vi); 1.985-5(g); 1.988-1(i);1.988-4(b)(2)(ii); 1.989(a)-1(b)(4); 1.989(a)-1(d)(4). Similarly, §§1.987-1T (other than §§1.987-1T(g)(2)(i)(B) and (g)(3)(i)(H)) through 1.987-4T, 1.987-6T, 1.987-7T, and 1.988-1T (the related temporary regulations) apply to taxable years beginning on or after one year after the first day of the first taxable year following December 7, 2016. See §§1.987-1T(h); 1.987-2T(e); 1.987-3T(f); 1.987-4T(h); 1.987-6T(d); 1.987-7T(d); 1.988-1T(j). All other provisions in the temporary regulations, including the provisions relating to the deferral of section 987 gain or loss and the temporary section 988 regulations, are subject to different applicability dates. See §§1.987-1T(h) (concerning §§1.987-1T(g)(2)(i)(B) and (g)(3)(i)(H)); 1.987-8T(g); 1.987-12T(j); 1.988-2T(j). A taxpayer may apply the final regulations and the related temporary regulations to taxable years beginning after December 7, 2016, provided the taxpayer consistently applies those regulations to such taxable years with respect to all section 987 QBUs directly or indirectly owned by the taxpayer on the transition date as well as all section 987 QBUs directly or indirectly owned on the transition date by members that file a consolidated return with the taxpayer or by any controlled foreign corporation, as defined in section 957, in which a member owns more than 50 percent of the voting power or stock value, as determined under section 958(a). Sections 1.987-11(b); 1.987-1T(h); 1.987-2T(e); 1.987-3T(f); 1.987-4T(h); 1.987-6T(d); 1.987-7T(d). The transition date is the first day of the first taxable year to which the §§1.987-1 through 1.987-10 are applicable with respect to a taxpayer under §1.987-11. Section 1.987-11(c). AMENDED APPLICABILITY DATE The Treasury Department and the IRS intend to amend §§1.861-9T, 1.985-5, 1.987-11, 1.987-1T through 1.987-4T, 1.987-6T, 1.987-7T, 1.988-1, 1.988-1T, 1.988-4, and 1.989(a)-1 to provide that the final regulations and the related temporary regulations will apply to taxable years beginning on or after two years after the first date of the first taxable year following December 7, 2016. Thus, for a taxpayer whose first taxable year after December 7, 2016, begins on January 1, 2017, the final regulations and the related temporary regulations will apply for the taxable year beginning on January 1, 2019. A taxpayer may, however, elect under §1.987-11(b) to apply the final regulations and the related temporary regulations to taxable years beginning after December 7, 2016 (subject to the conditions in §1.987-11(b)), including taxable years beginning on or after one year after the first day of the first taxable year following December 7, 2016 (the original applicability date in §1.987-11(a)). The intended amendments would not affect the applicability date of the temporary regulations other than the related temporary regulations. TAXPAYER RELIANCE Before the issuance of the amendments to the final regulations and the related temporary regulations described in section III of this Notice, taxpayers may rely on the provisions of this Notice regarding those proposed amendments. DRAFTING INFORMATION The principal author of this Notice is Anthony J. Marra of the Office of Associate Chief Counsel (International). For further information regarding this Notice, contact Anthony J. Marra at (202) 317-6938 (not a toll-free call). LINK
  12. Is it possible that they need to reduce the "chunky cash" in order to increase the value? Seems so. Makes sense that they want LESS of it out there when they get everything else done.
  13. Agree, chump change won't change their minds. The distrust in their banks trumps their nationalistic pride at the moment. Gotta see $1 plus to move them, and the CBI knows it.
  14. That is exactly how it will go down. To them, it's a wash, but they wouldn't need a wheelbarrow to carry the new denoms to go grocery shopping. My question is: what happens if they go online and buy Euros or even USD? In Iraq, their prices will adjust to the new currency, and the 3 zeroes will be ignored on the old (current) currency. Would Iraq be able to pay it's debts at the new rate? Wouldn't rebuilding Mosul cost less with imported materials purchased with the new rate?
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