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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: shades who wrote (62350)4/21/2005 9:02:25 AM
From: Slagle  Read Replies (2) of 74559
 
Shades Re: Taxes Thats one reason I don't much like these open end mutual funds in that they can if they screw up they can hit you with a big cap gains distribution in a year they loose you money. In fact lots of them do it regularly, though I think Vanguard is pretty "tax efficient". For you to perform that trick with individual stocks you would have to sell stock A at midyear with a gain and then put the money in stock B and then ride stock B down to year end.

Shorting XLF, probably good idea. I'll watch that "darkforce" board.

Re: "join the party". Thats not so easy. If you are a US citizen you are required to report any income or cap gains in offshore accounts. There is a sort of loophole, though. Say you are a US based politician or tycoon recieving some offshore kickback, if the loot is held in an offshore account that doesn't generate any income you don't have to report it. Thats handy for those who make up the regs isn't it? Aruba is supposed to be the banker of choice for this activity. But for everybody else we have to be careful. The problem is moving the loot in and out of the country. I know a guy who got to wear a federal radio ankle bracelet and finally had to do a few months in federal prison for moving 2 million to Grand Cayman and not reporting it. They were after him for some other things, but his lack of IRS reporting on the money was one of the charges.
Slagle
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