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Politics : Formerly About Advanced Micro Devices
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To: zax who wrote (969614)10/4/2016 1:23:28 AM
From: i-node  Read Replies (1) of 1575712
 
>> She declared herself insolvent so that she could avoid $1B in taxes on future revenues by not recognizing forgiveness of debts as income and thus live tax free for the next 20 years

Man. You really have not the slightest idea what you're talking about.

You don't just get to "declare yourself insolvent" to avoid cancellation revenue. You either are or you aren't and it matters by how much.

If a man loses 900 Million dollars in a business venture he certainly deserves to live tax free until it is repaid. The Clintons have a 700,000 CL they're benefitting from. What's the difference, other than one takes longer and is smaller?
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