9:34 PM [Precious] [youneverknow] OMGosh everyone go read the post by the GET team, the post on tarriffs totally falls in line with what we've been hearing from our leaders, It explains, everything is done, waiting for the release!!!! Everything is so much clearer now!!
[Precious] peachee: Hammerman: Chinese plane with guys with big guns went to Iraq and picked up Maliki and he did not want to go...he is in China now. all assumptions are that all 24 countries in this first basket have revalued. so china is really under the gun to get this done so this is why they flew to iraq to pick Maliki up to get him to sign these documents.
all documents are signed and ready for a worldwide ancmt . would think by thursday but cannot say for sure. don't think that it has to be by friday, but was told taht 23 countries will go by this friday, but the one country that could be left out is Iraq. supposedly by friday, hearning from teh best of the best of the best
[tessa] cruiser hi on a scale of 1----10 what do you think are chances are for this month to RV
[cruiser] tessa Hi I will say this, not a scale, but I have told people not to have great expactations because it leads to great disappointment with this investment. Guess I should follow my own advice... LOL
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cruiser] mbillions Also do not forget the end of the second quarter for most of our companies in theU.S
mbillions] cruiser Perfect time for an International Release (IR)
[cruiser] highlander65 mbillions You may be asking why the end of the quarter is important, That will be how the goverenment can control the reactions in the market. Just like they dd in 08..
[wango1] honeybelle that there is no security issues, that rich are cleaning up on the markets. Our turn is coming.:
[cruiser] Sorry, There was more. They can have companies release positive earnings and control it.
[childofgod] wango1 - so end of the quarter may be something?
[wango1] TIME4RVNOW Honey if I had the button I would have pushed it Sunday and been at the bank today.
[highlander65] cruiser Yes realize the market is all a racket lol
[AZ85] cruiser Well end of the Quarter is NOW
[cruiser] AZ85 Friday to be exact..
[honeybelle] wango1 cleaning up on markets meaning they r mking money on manipulating markets? can't they keep doing that?
[justbelieve7] wango1 Disgusting how they are taking people's retirement money...they did it twice last year..amazes me people stay in the stock market at all!
[wango1] childofgod It means that you owe Taxes on July 15 if you are in the USA so it will go before that Uncle Sam wants his money
[highlander65] AZ85 end of 2Q12 and end of first half of 2012 is upon us....with all the other events coming up...would think this is THE perfect time for an IR
[sterlingact] Cruiser... with EOQ and end of 1st half..do you think it will push rv to july or later?
[highlander65] sterlingact no I think he is saying it should be a great opportunity for it to happen by end month
[linsbish] wango1 What will stop it do you know or can't you say
[cruiser] mbillions Well, the fed cannot cut the interest rates anymore lol . So what they will do, if there is a negative slide occuring, they can push profitable companies to release earnings, which will steady the downslide.
[honeybelle] wango1 ok tyvm I am so tired can't think any more praying this happens do you think by 1st?
[wango1] honeybelle Yes I do USA wants tax dollars Jully 15
[barb] addylou did you see the new emoticon so.. cool huh given our low level of boredom threshold
[wango1] honeybelle Yes I do USA wants tax dollars Jully 15
[Spicegirl] GJHHONOR Hi hon. It sure is. And I see for you as well. Got a song for me tonight?
[mbillions] cruiser hmmmm....
[linsbish] wango1 Understandable
[cruiser] sterlingact In all honesty and IMO no I do not.
[honeybelle] wango1 so if rv is live and we exchange tax on rv needs to be paid by 15th of July
[wango1] honeybelle yes it does
[wango1] honeybelle in the USA
[leftylucy] cruiser So do you think he is right about the RV already have taken place
[linsbish] wango1 So let me get this straight. The cut off is June 30th and tax is due by July 15th is that
[wango1] honeybelle That way the government gets the tax dollar if you are in USA
[Patriot] linsbish You're Canadian and the taxes due July 15 don't apply to you as a Canadian!!!!!
[wango1] linsbish if you live in the USA
[honeybelle] wango1 ok so you exchange pay say 15% on long term capital gains on whole amount
[leftylucy] cruiser Winalot in recaps. He made a post about the RV had to have taken place by June 1st because it takes 30 days to pay the tariffs on the ships. We then should see it live by the end of the quarter, which is the end of the month
[cruiser] mbillions YEP! We are Just waiting for it to show.
[wittsend] linsbish wango1 honeybelle No, that is not correct. If this is a taxable event, and I say IF, this will be a capital gains tax on your personal return.
[1967L71] wango1 The federal taxes are only due by July 15, IF you cash out before July 1st.
[pmw1973] honeybelle thats why you put in non interest account...
[cruiser] leftylucy That is my expectation..
[wango1] wittsend and when the IRS lets you all know don't be shocked
[lazer] we would have to cash-in fast to have it done before the 30th
[wittsend] wango1 Then they better get busy and ask congress to pass the tax law that varies from existing collection practice for Form 1040 and accompanying Schedules.
[cruiser] leftylucy Just stay grounded and let this play out. Do not go crazy becasue someone says they think it will happen by a date or expect it by a date.
[sterlingact] cruiser.. aren't quarterly taxes for businesses only not your personal taxes in US? in other words don't businesses have to pay on a quarterlly basis and personal on an annual basis here in the US?
[wittsend] mbillions The tax code is silent with respect to currency exchanges.
[tradewind] mbillions don't you think there will be a ruling after this event
[firefixer] Mbillions this is not an investment , it's a currency exchange.
[pulaski] sterlingact If you know that you will have taxes to pay personally it is paid on a quarterly basis as well
[wittsend] wittsend Which is to say it is currently a non-taxable event.
[loumat] sterlingact Subchapter S corps, which are many small business, pay their taxes as individuals. You pay quarterly estimates and anything additional on Mar.15. personal experience
[wango1] wittsend Have you done your due diligence on the tax code and are willing to go on the record that this is not a taxable event?
[wittsend] mbillions It does not have the force and effect of law as it currently stands.
[firefixer] Corporations can file annually also, not just quarterly
[cruiser] Can I ask a question, Why are we worried about Taxes?
[mbillions] wittsend Good debate... Me for one do not want to spend millions fighting the IRS... clarity is very important... Every CPA and tax lawyer and IRS agent has a different answer...
[wittsend] wango1 Currently, it is a non-taxable event. Can congress change the law and have it apply retroactively for the calendar year in which it is passed? Yes.
cruiser] I am not worried, just curious. How about first, letting this happen. Second worry about the bank cashout process and then we will all worry about taxes. The IRS can wait lol
[goldman] there seems to be some confusion regarding the paying of qtrly taxes and the filing of a tax return. All enities are required to file an annual tax return but everyone is required to send money to the IRS at least qtrly whether this is through whitholdings by an employer by the pay check or if self empolyed on a qtrly basis
[LivingInGodsCountry] wheezer2 I am planning 35% and 15%= Half between my state and the Federal taxes!
[wittsend] wheezer2 You need to seek advice from a tax attorney or CPA in your state. Some states differ in their treatment. if the feds follow capital gains rates, it'll be 15% for long-term (holding for 1 yr or more) and 35% for short-term capital gain if they treat it similarly to those gains
[wheezer2] cruiser leftylucy expect the worst and be happy if it does not come to pass
mbillions] wittsend But I really like Studey's answer... he said that in his experience these currency plays are not taxed by the Feds but states may vary... he also said seek legal counsel
cruiser] I do understand about being prepared, but how can you prepare for the unknown. It is impossible....In due time we will know everything, pertaining to the cashout process, including taxes.
[loumat] cruiser Don't mess with the IRS..you are guilty even if it is their mistake!!!!
[wittsend] loumat That increase in the capital gains rate, as i understand it, is not retroactive to 2012. The taxable event will, if all happens as is anticipated, in 2012. Should not have to worry.
[ZTenor] Hard to understand why a "Currency Exchange" is a taxable event? Kuwait rv was not a taxable event....what makes this different??
leftylucy] My personal opinion (and it is just that) is I don't see how a currency exchange is taxable. Never has been before.
lftylucy] My other thought is even if we are not taxed on the front end, I bet we will be when personal income tax comes around
[cruiser] I do not worry about taxes. That is why I have an accountant. He worries about that. That is his job. I am not an accountant, nor am I a tax attorney. Once we cash in, that will be their problem. My problem will be to write the check.