Formerly About Advanced Micro Devices Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Advanced Micro Devices

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: bentway who wrote (306373)	10/15/2006 7:06:36 PM
From: tejek	Read Replies (3) of 1576255

he profit came out of an unusual collaboration with a former casino lawyer, Jay Brown. Reid and Brown initially bought adjoining plots in Las Vegas' booming suburbs in 1998. They transfered the land to a company called Patrick Lane in 2001; Reid's share was valued at the same amount, $400,000, as he had originally paid for the property. Three years later, he was paid $1.1 million when Patrick Lane sold the land to a shopping mall developer. Though Reid and Brown claim they were joint owners of the company, they say no documents exist to prove Reid's position in it, since it was an informal relationship based on the two men's 35-year friendship. I hear about this one but I hadn't had time to check it out. What a joke. For tax purposes they put it inside a corporation or partnership......that's pretty standard practice. What shows that Reid was being honest about the operation is the 2001 valuation at the same price as 1998. Are we to believe that land prices did not change in three years due to booming Las Vegas? Now he has to pay taxes on the capital gain from $400K to $1.1 million. I can't believe the GOP is trying to make this into a big deal.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next