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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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    VIP Wise Guy

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    Medina, Ohio
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    Retiring VERY Soon!

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  1. "The current parliamentarians will lose their legal and constitutional immunity on the first of next month," I'm thinkin' that's gonna cause some of them to start gettin' a little "squirmy" (btw, that's the 'word of the day'). I'm quite sure that also applies to everyone from parliamentarians all the way up to Abadi, and includes Maliki. Riddle me this Batman: If someone is in Parliament or higher now, IS A CROOK, and gets re-elected, normally, they would have continuous immunity. BUT- if the NEW government isn't formed BEFORE the end of the OLD government, aren't they ALL exposed, without any immunity whatsoever, until the NEW government is formed? I mean, this may actually be set up like this to encourage them to form the new government as quickly as possible, but it makes me think that this would be an EXCELLENT opportunity to "clean house". I believed that the bad actors were responsible for all of the delays in forming this new government, but what if it's the good guys that are dragging this out in order to pick off some bad apples? (hint: Maliki) If so............ well played.
  2. fnbplanet

    The Dinar card is ready to use you.

    My favorite noble grape is Sangiovese. I've also enjoyed many a sangiovese cab 50/50 blend.
  3. fnbplanet

    BTI 2018 Iraq country report

    $1.71 in January of 2017. It's now a year and a half later. Iraq has finished off ( for the most part ) ISIS, increased the central reserves, the price of oil has SKYROCKETED, the budget now has a surplus, a new government is near with Abadi in there for four more, Chapter 7 lifted, 90 days of 2%, they've received (and are receiving more of) repatriated monies from the Saddam era, ETC I could be wrong, but I'd have to guess that by the standards that produced a $1.71 estimate, it's got to be worth well over the $2.00 mark by now.
  4. fnbplanet

    CBI News 06/14/2018

    It will also take some pressure off of the lines at the ATMs, if they can get some walking around money at Habib's smoke shop. Once they get the masses enrolled at the banks, the ATMs will be very popular, and there aren't enough of them for 35 million Iraqis.
  5. fnbplanet

    Currency window and return scarcity

    I always went for the willow. My brothers preferred the cherry. Hey 10y, turned 62 a couple of months ago, gonna keep working until this dinar thing pays off. Hope I'm not 90ish when it hits.
  6. fnbplanet

    IRS NEWS

    I admit it, I'm a dinar geek. Part of that is trying to figure out just how much I'll eventually get to keep. I subscribed to the IRS Guidewire ( LINK ) for that reason, as well as any clues as to US Government movement on our impending fortunes. I gotta feeling the US will know when this is going to hit, and the'll be ready for it. There are more dinarians than you think. (doesn't mean we aren't special, though....) Don't think for a minute that Uncle Sam isn't lickin' his chops at gettin' his "fair share" of our booty (and anticipating every loophole dinarians will try to avoid the tax man). I'll thank the Lord for my blessing and do it legally and be happy with what's left - because of: A. the penalties if I don't B. I'm a patriot C. it's the right way to do it That doesn't mean that I won't be taking advantage of any way that I can legally keep as much as I can, that's why I'm a VIP.
  7. fnbplanet

    IRS NEWS

    If Trump really wants the economy to rip it, he'll let us off the tax hook. THAT would be a free stimulus package to the USA.
  8. fnbplanet

    IRS NEWS

    I hear ya. I got dizzy just lookin' at it, but if there was something important there, thought I'd reach out and find someone to make sense of it. If things weren't moving so fast in Iraq, I might not have given it a second thought....just that the timing seemed freaky.
  9. fnbplanet

    IRS NEWS

    I just got this email from the IRS two hours ago. I'm NOT a tax guru, and don't understand anything other than that it seems to apply to QBU's. Reading this in the link provided is much easier. May or may not apply to us, just curious as to why IRS is suddenly talking about foreign currency profit/loss. Anyone want to interpret? Foreign Currency Guidance under Section 987 Notice 2018-57 I. 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 related final and temporary regulations, by one additional 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. II. BACKGROUND A. FINAL AND TEMPORARY REGULATIONS On December 8, 2016, the Treasury Department and the IRS published Treasury Decision 9794 (see 81 Fed. Reg. 88806), 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 amendments to existing regulations under sections 861, 985, 988 and 989 (the final regulations). On that same 2 date, the Treasury Department and the IRS also published Treasury Decision 9795 (81 Fed. Reg. 88854), 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 section 987 aggregate partnerships (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). On October 16, 2017, the Treasury Department and the IRS published Notice 2017- 57, 2017-42 I.R.B. 324 (October 16, 2017), which announced that the Treasury Department and the IRS intend to defer the applicability date of the final regulations and the related temporary regulations by one year. 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, 3 §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). Following the amendments to such regulations described in Notice 2017-57, such regulations would apply to taxable years beginning on or after two years after the first date of the first taxable year following December 7, 2016. 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). Following the amendments to such regulations described in Notice 2017-57, such regulations would apply to taxable years beginning on or after two years after the first date of the first taxable year following December 7, 2016. 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 4 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 §§1.987-1 through 1.987- 10 are applicable with respect to a taxpayer under §1.987-11. Section 1.987-11(c). III. 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 the date that is three years after the first day of the first taxable year following December 7, 2016 (the amended applicability date). Thus, following the amendments described in this notice, for a taxpayer whose first taxable year after December 7, 2016, began on January 1, 2017, the final regulations would apply for the taxable year beginning on January 1, 2020. The related temporary regulations, which expire on December 6, 2019, will not become applicable. However, the amended applicability date will continue to apply for purposes of the notice of proposed rulemaking by cross-reference to the related temporary regulations. See REG-128276-12, 81 Fed. Reg. 88882 (Dec. 8, 2016). 5 A taxpayer, however, may choose under §1.987-11(b) to apply the final regulations and the related temporary regulations to a taxable year beginning after December 7, 2016 (subject to the conditions in §1.987-11(b)) and before the amended applicability date. The intended amendments would not affect the applicability date of the temporary regulations other than the related temporary regulations. IV. 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. V. DRAFTING INFORMATION The principal author of this Notice is Steven D. Jensen of the Office of Associate Chief Counsel (International). For further information regarding this Notice, contact Steven D. Jensen at (202) 317-6938 (not a toll-free call). IRS LINK Wiki - Executive_Order_13789
  10. So, I'm getting that this is saying that the price of oil being as high as it is through the end of the year will not only cover the budget deficit, but pay off all of Iraq's foreign debts (including Kuwait) AND increase the CBI's reserves to 60 billion USD. While the average Dinarian and/or currency speculator would presume that this news would "OBVIOUSLY" point to a January 1st RI/RV, I still believe that one of the most critical parts of the RI/RV process is the element of surprise - if everyone knows when it's going to happen, speculators and citizens will behave badly and muck up the entire roll out. I'm no guru, but just as an example scenario, wouldn't a RI/RV date of July 1st make more sense? Ramadan/Eid would be over, the 90 day 2% deal accomplished, new government COULD be formed and accounting-wise, reconciling the country's books at the half year mark would be MUCH easier to deal with. Kuwait and any other debtors can easily see that "Iraq is Back" once the new government is in place and Abadi getting a second term with a "reforms" platform. Again, NOT a prediction, just me wondering how to put all of the recent news into the file cabinet I call my brain....
  11. The House of Representatives fails to hold its extraordinary session Losers having trouble losing. That says it all.
  12. Just once, I would like to read an understandable translation of a Sadr quote. Just once.
  13. "The Iraqi parliament decided on Wednesday to hold an extraordinary session on Thursday after a number of deputies submitted a request." Yes, and the number is......one - Maliki. Any kind of shade he can throw at the results. He knows his days are numbered, and is just buying time to gather his ill-gotten proceeds and pack the UHaul for a trip over the Iranian border, where Interpol fears to tread.
  14. "only 50 deputies attended." AND......then they post a stock photo of the ONE day they actually showed up for work (it was buy one falafel, get one falafel in the cafeteria that day).
  15. Crap. I was going to go to the Hezbollah Mall this weekend with my 17 year old to grab some rocket launchers that were on sale at Habib's Mercenary Outlet.
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