FEMA is doing nothing....

IBDaMann said:
However, if his sale price did not exceed his costs, he can be reasonably confident that he has no capital gains.
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Now this is actually possible. Under this theory, the way Earl made a small fortune was by starting out with a large fortune and making some bad investments.
 
Concart said:
Unless the tax advisor is imaginary of course. Earls bullshit is so easy to detect. If his fee is a flat 10k then why the need for a million dollar minimum? There isn’t a need of course. So that was just Earl bragging about his imaginary portfolio. Earl is a cheap fake. His stories break down almost immediately.
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Yep. That's why on the old forum software he thread-banned dozens of people, all of whom had debunked his bullshit at one time or another. He's quite bitter and frustrated with this new format because he can't keep us from pointing, laughing, and lie-checking him.
 
Concart said:
I think Earl is lying about EVERYTHING.
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We are indeed fortunate tgat we don’t pay to think…especially about gas hot water heaters, Concarty.m

Any bets on who wins the World Serious ( sic)?

I believe it will be the Yankees and the Dodgers with the Dodgers winning
 
Walt said:
Now this is actually possible. Under this theory, the way Earl made a small fortune was by starting out with a large fortune and making some bad investments.
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Well, no, Walter.

Small fortunes…I explained that the gentlemen in our club do not consider a few million to be “rich.”
 
Earl said:
We are indeed fortunate tgat we don’t pay to think…especially about gas hot water heaters, Concarty.m

Any bets on who wins the World Serious ( sic)?

I believe it will be the Yankees and the Dodgers with the Dodgers winning
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I’m sure your lawyer will have put me in jail by then! Right Early?
 
IBDaMann said:
That is always sage advice. He should check with a [good] tax advisor for all his tax-related concerns.

However, if his sale price did not exceed his costs, he can be reasonably confident that he has no capital gains.
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He didn’t own any interest in the business according to him.
 
Concart said:
Interest or shares. Same thing.
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Nope. Interest, ownership and shares are three separate and distinct concepts.

1. You can have a vested interest in a business' activities even if you have no ownership.

2. You will own 100% of the LLC that you form, and it still won't have any stock for you have.

3. Shares require a valuation process to determine share value. Businesses with no stock therefore have no such process.
 
IBDaMann said:
Nope. Interest, ownership and shares are three separate and distinct concepts.

1. You can have a vested interest in a business' activities even if you have no ownership.

2. You will own 100% of the LLC that you form, and it still won't have any stock for you have.

3. Shares require a valuation process to determine share value. Businesses with no stock therefore have no such process.




The federal government does not recognize an LLC. They consider it either a partnership or a sole proprietorship. Either way, the interest of all parties must be specified. If an LLC is used as a startup entity it will issue shares in anticipation of converting to a corporation. It’s clear you’ve never owned a business.
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[/QUOTE]

Interest in an LLC is ownership dumb fuck. An LLC owned by one person using that persons SSN is considered a sole proprietorship by the IRS
 
Walt said:
Wow, on top of knowing nothing about business, Earl knows nothing about business humor.
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My lawyer knows quite a bit about business and humor, Walter.

Quite a bit more than a shade-tree Internet genius like you, Walter.

Do you consider having a few million in wealth, accumulated wealth, to be “rich” Walt?
 
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