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Floridian

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About Floridian

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  1. Oxford, Princeton, MIT and Harvard. I love it! Someone who knows something other than Iraqi culture. Now maybe we’ll get something going with the Dinar.
  2. Yes, it helps. Thank you KristiD. Doesn't make much sense to me, but then, I'm not a tax professional either. I am anxious to hear what SheDaGal has to say after talking to Bob. Didn't realize he has been a CPA for 40 years. Meanwhile, I will prepare the gift letter to charity, just in case it works. Again, thank you. 😊 I found this today: What are the Elements of Proof for a Gift? Not all transfers of property qualify as a gift. The term “gift” has legal significance and only transfers that meet all the elements of proof will be classified as a gift. Though laws may vary by region, in general the elements of proof for a gift are: Capacity of the Donor: The donor must have legal capacity to make a gift. This includes being of the majority age (usually 18 years old), and having the mental capacity understand that they are giving a gift Intent: The donor must intend to transfer the property as a gift. This can be proven through statements, writings, or conduct. Intent also means that the donor doesn’t expect compensation or consideration for the transfer Delivery to the Donee: Delivery of the gift can be actual, symbolic, or implied through conduct. In general an affirmative act must be made by the donor (such as handing over the keys to an automobile) Acceptance by the Donee: The donee must also affirmatively accept the gift, without any coercion or undue influence. Revocable gifts can be revoked up until acceptance Thus, transfers that don’t satisfy these requirements won’t be classified as a gift. For example, the “donor” might not have intended to make the transfer a gift if they had asked for payment in return. As such, the donor might not be allowed to claim tax exemptions that cover gifts. https://www.legalmatch.com/law-library/article/elements-of-proof-for-a-gift.html (I'm guessing the charity can accept the gift after the RV.)
  3. I guess I should have read ALL the posts before posting in this thread, myself. The advice you got is still not making sense to me. Even if I have a "gifting letter" to prove I gave the charity dinar Pre-RV, the receipt they give me (when I finally give them the dinar) will be dated Post-RV. So if the IRS says "let me see a receipt to show you gave them the Dinar", the receipt will be dated Post-RV and I will be liable for all the taxes. If I show them the gifting letter for proof, that will be dated maybe today, before the dinar is worth anything.
  4. I'm just reading this post now. I guess I should have read ALL the posts first before posting myself. However, how do you PROVE that you gave the dinar to the charity Post RV, if your gifting letter is dated and notarized Pre RV?
  5. I had another thought - What if I think the dinar will come out at $1.00 and I made a "gifting letter" saying I would give the charity 1 million dinar, and the dinar only comes out at 10 cents? Then, maybe I can't afford to give the charity 1 million dinar. Do I have to make a lot of gifting letters for all different amounts, just to cover myself?
  6. I'm sorry, KristiD, but this makes no sense to me. How is the charity the owner of the dinar, if I have physical possession of it and haven't given it to them yet? I can create a "gift letter" and then, rip it up if I feel like it, and the charity can't claim the dinar. It seems to me, that in order to claim on your taxes that you gave the charity a million dinar, worth $1,000,000, you would have to actually give them that, and a gift letter that you create without actually handing over the dinar, wouldn't count. What am I missing?
  7. "Fourth: The central bank should take the necessary steps to assign international auditing and classification companies for the purpose of classification of discreet private banks, because without classification of banks it is not possible to establish partnerships with solid international banks for the purpose of financing large projects or to consider the credit rating of Iraq as an approved classification for discreet banks." Yeah, I think they should too.
  8. Okay, next question: Why do I ever doubt you? 😂 You're making sense here, Synopsis. Okay, let's see what the next few days brings. Thanks for all the answers. 😀
  9. But, if they are giving the Chinese oil, and the Chinese have to use Petro Dollars to pay for it, why do they have to revalue the dinar for that? Believe me, I really want them to revalue the dinar. Just trying to figure out why the China deal could be a trigger. According to this article, I don't see it as a reason to revalue. What am I missing? http://economy-news.net/content.php?id=18720 "Saleh said in a dialogue held in cooperation with the Iraqi Economic and Political Center, that "the agreement entered into force as of the first of October and since the beginning of this year, nearly half a billion dollars has entered the balance of the sovereign account of Iraq with China." He pointed out that this return is the result of "exporting 100 thousand barrels per day" and it will be spent to finance infrastructure projects in Iraq."
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