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TLHUBER

Any Truth To This - Anyone?

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You need to stop and consider that some of these rates that you guys are talking about according to the G7 informed me that they are strictly placement holder rates. And this is also connected to these philanthropic and humanitarian programs (Prosperity Packages) with this because they are symbiotically related and they were sent out today (Friday) to be concluded being delivered by tomorrow (Saturday) night. So it is all tied together. It doesn’t come from the same kitty but it starts from the same source and that source is China.

The Indian Rupee is going to be an optimum investment in the future and, believe this or not, the Iranian currency has dropped by ¾ this year. It is worth ¼ of what it was so after they get the Iranian situation straightened out that probably will be our next opportunity because Iran is floating in oil.

When you are going to exchange our money go to a bank that has a international foreign exchange currency department and you trade for one of three things: Australian dollar, Hong Kong dollar, or Canadian dollar. If you designate it in those denominations it is not a taxable event. That is an honest currency exchange (a 1031 exchange).

However, when you change it back to the U.S. dollar then it becomes a taxable event. I think that is an issue that most people need to consider because of the fiscal cliff going off the 31st of December that will take our capital gains from 15% to 20% so we need to not put everything we’ve got into USD.

And the way to get your money out of there (a multi-currency account on the private banking side of Wells Fargo, for example) is just have them issue a debit card. Your debit card will be debited in USD and I will let you read between the lines of what I am telling you. There are two things in this world you can do - you can work the system or you can let the system work you.

Here is something else to evaluate relative to the taxation question. The Kuwaiti RV was not a taxable event. That is a legal historical precedent of it not being a taxable situation. Unless the IRS retroactively writes a statute encompassing this we can use the Kuwaiti RV as a precedent setting measure to avoid (not evade) taxes.

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Why didn't you tell us this is a direct quote from OKIE? I take everything that SOS says with a very large shovel!

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The "Packets" and "Programs" have "gone out" thousands of times and been "pulled back." The Queen has stolen them, George Bush, Sr. has stolen them, the Queen and Bush have stolen them, the Supreme Court has stolen them, the Queen has stolen them back from the Supreme Court. Hilliary Clinton has stolen them. They have been in this or that warehouse in most every country in the world. Poof says tomorrow. Poof says today.

Just pure nonsense.

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I listened to the whole chat (I was bored). Let me break it down for you so you don't waste 2 hours of your life:

Prosperity Packages have gone out.

VND is getting ready to RV(.42-.48 cents). The banks don't realize this yet, so hurry, hurry, hurry.

The VND is going to pay bigger than the dinar. We have all been watching the wrong horse.

The Indonesian Rupee will be the next break out currency. Over 900,000% increase.

Okie was going by the name Texas Tommy on the chat, but everyone kept calling him Okie (you can't forget his smooth, smokey, sexy voice).

Okie heard from Homeland Security. The fed notes are being replaced by treasury notes January 1st-March 30th. The Iraqi RV will probably slip in during the change over.

So, in short, buy VND and Indonesian currency. Keep an eye out for treasury notes.

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I can't figure out this paragraph and apparently have lost the ability to read between the lines:

And the way to get your money out of there (a multi-currency account on the private banking side of Wells Fargo, for example) is just have them issue a debit card. Your debit card will be debited in USD and I will let you read between the lines of what I am telling you. There are two things in this world you can do - you can work the system or you can let the system work you.

WF holds your money as USD... no matter what side you are on... So your debit card will be debited in whatever currency you are using at that time. If you are in Italy, it will be Euro, Guatemala, their pesos, Austrailia, their AU dollar, Bangkok, baht India rupee, Canada, the Candian dollar and so on for every single country in which you use your debit card as either bank withdrawal of larger sums, or direct POS in the shops that offer this (and a zillion do all over the world these days).... and they factor in the exchange rate right there on you statement for every transaction. On your bank statement, it will show the withdrawal and then the amount WF charges to convert your USD to the currency of another country. Indeed, if you buy directly from the government mints in other countries, while sitting in the US, its debited in the currency of that country, and shows as an exchange on your statement.

So what am I missing... perhaps its very obvious... but I honestly don't get what there is to read between the lines? CAn someone give me a clue if I buy a vowel biggrin.gifbiggrin.gif

Thanks DV gang !!

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Okie's voice is deep and melodious from so many years of talking out of his bowels with no filtering system attached! :)

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WF [my note: or any other financial institution for that matter] holds your money as USD... no matter what side you are on... So your debit card will be debited in whatever currency you are using at that time. If you are in Italy, it will be Euro, Guatemala, their pesos, Austrailia, their AU dollar, Bangkok, baht India rupee, Canada, the Candian dollar and so on for every single country in which you use your debit card as either bank withdrawal of larger sums, or direct POS in the shops that offer this (and a zillion do all over the world these days).... and they factor in the exchange rate right there on you statement for every transaction. On your bank statement, it will show the withdrawal and then the amount WF charges to convert your USD to the currency of another country. Indeed, if you buy directly from the government mints in other countries, while sitting in the US, its debited in the currency of that country, and shows as an exchange on your statement.

In my opinion, Rayzur, you've hit the nail squarely on the head. Years ago, when I was in France, I used the Debit Card of my financial institution of choice in an ATM. The ATM spit out Francs and my statement showed the withdrawl in dollars + transaction fee.

Now are there such things as international accounts where I can deposit Euros and they stay Euros until the day I withdraw them? I imagine so, but I live my life in U.S. dollars because I'm here in the U.S. Now if a merchant were to accept my Euros in place of dollars here in "small-town," R.F.D., it might be something to consider as there are no laws prohibiting what I trade at the store. (I heard of a guy locally, kind of - next county over - who paid his dentist bill in 1996 in chickens and pigs.) But good luck finding a Wal-mart, Publix or Winn Dixie here in the U.S. that accepts Euros when I'm buying groceries.

+ for you Rayzur.

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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:

When you are going to exchange our money go to a bank that has a international foreign exchange currency department and you trade for one of three things: Australian dollar, Hong Kong dollar, or Canadian dollar.

If you designate it in those denominations it is not a taxable event. That is an honest currency exchange (a 1031 exchange).

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. In fact, the regulations take it a step further and state that any time a nonfunctional currency (for us that is ANY currency that is not US Dollars) is exchanged for ANYTHING else, gain or loss is figured by first assuming that the nonfunctional currency was exchanged for functional currency (US dollars) and then the US dollars were used to exchange for the item. (see 1.988-2 (a)(2)(ii)(B )) In fact, in example 2 under Treasury Regulation 1.988-1 (a)(9 )(ii) the regulation discusses exchanging a nonfunctional currency for hotel room, food, and vacation expenses as a taxable disposition of non-funcional currency.

As long as you are under the US tax system, if you take dinar and exchange it for ANYTHING other than dinar then you have to recognize gain or loss. There is no way around it.

Regarding capital gains, the post said:

I think that is an issue that most people need to consider because of the fiscal cliff going off the 31st of December that will take our capital gains from 15% to 20%....

Anyone who has done any real tax analysis (or has read mine) knows that we will not be looking at capital gains rates anyway. Because your ownership of dinar is for investment purposes, it is not a "personal transaction" under section 988. Therefore, you will be required to look at any income as "interest income" and pay ordinary income taxes on it.

Best of Blessings,

Mark

Edited by ExecConsult
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RAYZUR.... PLEASE do not take the vowels "I" "O" or a "U"...... as in I OWE YOU !!!!! LOL

Cause that's jes what's gonna happen iffin' we all get rich!!!!! Gotta pay the piper.

thanks,

Art

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Can't wait to write that check to the IRS

Kodak moment 4 sure

No Kidding SCD, love to write that check to Uncle Sam.

PD41

BjMoneyBurn.jpg

4690feae.gif

Edited by PD41
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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. In fact, the regulations take it a step further and state that any time a nonfunctional currency (for us that is ANY currency that is not US Dollars) is exchanged for ANYTHING else, gain or loss is figured by first assuming that the nonfunctional currency was exchanged for functional currency (US dollars) and then the US dollars were used to exchange for the item. (see 1.988-2 (a)(2)(ii)(B )) In fact, in example 2 under Treasury Regulation 1.988-1 (a)(9 )(ii) the regulation discusses exchanging a nonfunctional currency for hotel room, food, and vacation expenses as a taxable disposition of non-funcional currency.

As long as you are under the US tax system, if you take dinar and exchange it for ANYTHING other than dinar then you have to recognize gain or loss. There is no way around it.

Regarding capital gains, the post said:

Anyone who has done any real tax analysis (or has read mine) knows that we will not be looking at capital gains rates anyway. Because your ownership of dinar is for investment purposes, it is not a "personal transaction" under section 988. Therefore, you will be required to look at any income as "interest income" and pay ordinary income taxes on it.

Best of Blessings,

Mark

Mark, do you take dinar for your consultations? You seem to be on top of things and sure as hell know more than I about all this. Just thought I would ask.

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Mark,

Thanks so much for your comments, my tax guy has been telling me that the regulations already address currency exchange so I can stop asking him as I just did again last week. He told me he will discuss this when something actually happens. He has lived through many investments with me, most of which he has had to write off. I will speak with his wife to make sure he is sitting down for my call on this one.

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Columbus : Hold on for one second, " The Indonesian Rupee will be the next break out currency. Over 900,000% increase ", are you kidding me? Where did you get that number ( 900,000% )? from Okie. By the way, are you okie's uncle? Wouw " VND is getting ready to RV(.42-.48 cents)", How did you come up with .42-.48 cents? Are you a pamper or a dealer? I am just curious...

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Columbus : " The Indonesian Rupee will be the next break out currency. Over 900,000% increase" , I can't seem to find the information about 900.000% , can you tell me where you have found it. I surely loves to hear it from you soon.

House on Board With Govt Plan To Redenominate the Rupiah

December 01, 2012

A rupiah redenomination bill is currently being sought by the Indonesian government and it is asking the House of Representatives to start the legislation process for the bill next year.

The redenomination is an attempt to simplify currency transactions by replacing the currency with a new one. In the past, officials have mooted the idea of removing three zeros from the rupiah. For example, a Rp 1,000 note would become simply Rp 1.

Finance Minister Agus Martowardojo conveyed the plan to House Deputy Speaker Anis Matta on Friday, according to Ignatius Mulyono, chairman of the House’s legislation committee.

“The House accepted the government’s plans,” Ignatius said. “We are now awaiting the draft to be submitted to the House.”

Ignatius said that the House would discuss whether the redenomination bill could be included in the 2013 national legislation program — a list of bills that the House targets to ratify during a year.

An academic study of the bill, Ignatius said, has been completed. “With the redenomination, transactions would be simpler and faster,” he said.

Bank Indonesia has introduced higher-denomination bills five times since 1964 because of inflation. That makes current daily transactions often run into the millions of rupiah.

The Rp 100,000 ($10.43) note is now the second-highest denomination banknote in the region after Vietnam’s 500,000 dong note.

There are concerns, however, that the proposal could devalue the currency. But Ignatius said that the House would ensure that the government would conduct intensive socialization programs for the public should the bill be passed.

Agus said that the government and Bank Indonesia had coordinated closely to transform the redenomination idea into a workable plan.

He also added that any redenomination process would take anywhere from five to 10 years to complete.

One of the likely consequences of a redenomination is marked prevalence in the use of coins because they are worth smaller denominations.

Comments:

559152 hansardwidrick, 10:49am Dec 3, 2012, Will there be cents then?

Jwong, 8:38am Dec 3, 2012, @maspanji... do u even understand the difference between redenomination and devaluation????? it has nothing to do with DEVALUATION!!!!

Kesiangan, 6:04pm Dec 2, 2012, @dizzy Please explain your maths.

maspanji, 1:32pm Dec 2, 2012, Oh boy, it was happened under Soekarno then Soeharto and now Sir SBY and that means Rupiah was devalued how many times ? right on dizzy !.

dizzy, 10:34pm Dec 1, 2012, Accounting classes during high school was nightmare enough for me then..... During suharto time. Now I can't imagine what the new generation must have been going through. Make sure you don't miss that additional zero, son, or you sure as hell won't balance that sheet!

ronyboy, 4:50pm Dec 1, 2012, ges we wont be millionaires for long...

THE LINK : http://www.thejakart...e-rupiah/55915

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Mark, do you take dinar for your consultations? You seem to be on top of things and sure as hell know more than I about all this. Just thought I would ask.

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 where I am stuck at my kitchen computer with kids running around me (like right now). This has given me the opportunity to help people - people who would never have paid for appropriate counsel have often gotten if for free. At least that keeps them from believing some of the misinformation out there or worse -- turning to some of the sharks that would have gotten them in trouble in the long run. Those who could afford it have paid me and for that I am grateful.

My wife is beginning to recover a bit more and I have begun going back to school for a legal masters degree (LLM) in Elder Law. Once there is an RV, anyone who turns to me for help will find it. I will not do the work myself but will find the appropriate people to help. I will manage a case or handhold as long as necessary. Until the RV I just do what I can. I do estate planning work for Kansas Residents (but will temporarily stop this work some time in January). I also do some tax and asset protection consulting. I do not claim to be an "expert" in either area but am well informed and with regards to the dinar investment I am very well studied and have conversed/consulted with several tax "experts" regarding what will happen.

People most often reach me through my website. The name of my firm is Advanced Legal Planning.

Best of Blessings,

Mark

Now I will get back to studying for finals. :)

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