Emperor1956
Posts: 2370
Joined: 11/7/2005 Status: offline
|
quote:
Noah: Due to tax implications and taking into account the high likelihood of realizing capital gains on anything that happens to fall under my care (and survive) we got what I think was some good advice and settled on a leasehold held in blind trust through an LLC registered in the Caymans. Boy. I'll bet that defiantbgirl chick will get her gramma panties all up in her crack over the offshore aspect. But what the hey, all's fair in love and metaphysical arbitrage, huh? Still researching the possibility restructuring to a purchase/buyback with mezzanine financing, a PILOT* program and a very aggressive depreciation schedule--although I know that is considered edge play by some. * That does stand for Protruberance In Little Old Tushie, doesn't it? Noah, you got some very bad advice. Owning souls is a LONG STANDING and legitimate tax strategy. Consider: Who owns souls in our society? I think the biggest long term soul holder is The Catholic Church, either as direct title holder or as holder of a long term beneficial interest which reverts on death of the grantor. And what is the Church? A non-taxable entity! It owns Billions of dollars of real property, intellectual property, cash, etc. and pays nary a dime in taxes. If you are gonna own souls, you should have immediately set yourself up as "High Priest Noah of the Silly Hat" or some such moniker, and created a church of your own (such as "The Almighty Sepulchre of the Silly Hat"). Then you can buy and sell souls with abandon (something I believe John Cardinal Cody, late of Chicago, was accused of). I might point out that this "soul holding" religious racket is NOT limited to Catholics. All faiths may take part under the US Tax code, tho be warned, some outliers (Rev. Moon, the Scientologists) find that their operations are subject to scrutiny. Just a helpful contribution to higher knowledge. You can keep the name of the church for free. Use anything else, I'll be sending a bill. A BIG one. E.
_____________________________
"When you wake up, Pooh," said Piglet, "what's the first thing you say?" "What's for breakfast? What do you say, Piglet?" "I say, I wonder what's going to happen exciting today?" Pooh nodded thoughtfully. "It's the same thing," he said.
|