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ExecConsult

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About ExecConsult

  • Rank
    Senior Member
  • Birthday 06/15/1971

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  • Gender
    Male
  • Location
    Wichita Kansas
  • Interests
    Money, Martial Arts, Religion, Estate Planning

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  1. Who said it had to be a "qualified investment" or of "certified intent?" The IRS doesn't care where your accession to wealth comes from, they want a piece. In the case of Cesarini v. United States, a couple bought a piano at auction. Several years later they were cleaning it and found a little over $4,000. The Court found the sum to be taxable. https://en.wikipedia.org/wiki/Cesarini_v._United_States If you get money -- well, anything of value really -- it is taxable. If it is received as a gift or through inheritance, then the giver is one who pays. The IRS wants
  2. Who in the IRS did you hear from? Most people there are not qualified to discuss section 988. I asked an IRS investigator who knew enough to refer me to an international tax agent who was still unsure of the answer. The information is only as good as the source. Best of Blessings, Mark
  3. Please refer to previous posts on this topic. Easiest to find is here: http://dinarvets.com/forums/index.php?/topic/29697-default-irs-rules-on-currency-exchange/
  4. The analogy your wife tells is great for understanding income. ("Accession to wealth") It is a little different with gifts. With our situation it really won't matter a great deal because the basis is so low. However, a gift is actually received at the previous owner's basis. It is in IRC Section 1015. You can google "gift basis rules" to find a good explanation. The "income" amount would most likely be the same. There are two reasons to document any gift. First, whoever gave the dinar is going to want to be able to prove that it was given pre-RV so they can avoid gift taxes.
  5. Yes, it is based on income AND profit (which is included as part of income). How it is figured is just like if you were running a business selling widgets. The profit would be however much you received from customers less the materials and other expenses involved with making and selling the widgets. In the case of the Dinar, the profit will be whatever you receive from them minus whatever you paid for them. You will be taxed on that amount. If you reinvest your profit they don't care. You still got the profit and must pay taxes on it. The reinvestment only matters when taking a distr
  6. It is true that you will have to complete a FINCEN 104 which is required for any currency transaction of greater than $10,000.00 in value. The whole - Currency Exchange vs. Investment thing is not going to help you. This is the same type or argument you see from people saying that you don't have to pay any taxes on wages. There are so many people out there who are armchair attorneys who are certain that you do not have to be part of the Corporate United Sates of America, play on words, and back it up with Supreme Court case law. Whether they are right or not does not really matter. Wha
  7. I'd like to get some more clarification to your question. What a trust is called is not important to what it does and is even sometimes misleading. People will sometimes use a fancy sounding name for a type of trust for marketing purposes. To that end I'd like to understand what you mean by pedigreed, court-ordered trusts. I have not heard of pedigreed trusts and usually the court only orders the creation of trusts in a situation for a disabled party or a minor. Some states will not even give a court authority to order a trust at all. Saying a "trust" is like saying "automobile." It ha
  8. I like the Texas legislature's response. My wife told me of an article stating that it is now legal for teachers in Texas schools to be armed. Best of Blessings, Mark
  9. It seems only natural that a widely publicized tragedy like the most recent school shooting would raise awareness in parents minds of their children's safety. Texas has taken an interesting approach to it by changing their laws so that now teachers may be armed (of course with appropriate training etc...) to protect themselves and their students. hmmmmmmm
  10. He is an attorney who specializes in asset protection structures.
  11. I have given many free consultations and sometimes people have paid me for them. Because of my current circumstances a few people have been kind and sent dinar as a gift or even sent as a gift and then I have agreed that I would make sure they were taken care of post RV, but I have never taken dinar as payment for a consultation at least not yet. My circumstances are as follows: I stay home and take care of my children and my wife who is still recovering (slowly) from medical problems. This is how it has been for several years now. I can't work much but have had plenty of spare time wh
  12. Regarding avoiding taxation, I have seen these arguments and similar arguments for a long time now. No matter how much I keep telling people about how it really works, they just keep popping up when people have forgotten me. :)/> The original post said: Treasury Regulations, Subchapter A, Sec. 1.988-2 (a)(1)(ii) states as follows: "Clarification of section 1031. An amount of one nonfunctional currency is not “property of like kind” with respect to an amount of a different nonfunctional currency." In other words - Okie's idea to exchange to a different currency and escape gains will n
  13. Regarding avoiding taxation, I have seen these arguments and similar arguments for a long time now. No matter how much I keep telling people about how it really works, they just keep popping up when people have forgotten me. The original post said: Treasury Regulations, Subchapter A, Sec. 1.988-2 (a)(1)(ii) states as follows: "Clarification of section 1031. An amount of one nonfunctional currency is not “property of like kind” with respect to an amount of a different nonfunctional currency." In other words - Okie's idea to exchange to a different currency and escape gains will not work
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