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To: carranza2 who wrote (128619)	5/5/2003 12:53:44 PM
From: postyle	Respond to of 152472

carranza2, At the level of wealth he lives in, the tax and estate planning gets very intricate and sophisticated. Most definitely. We still live in a world where the Unified Tax Credit is limited. The estate tax will not be repealed for 7 more years. Vested ISOs (when exercised) still trigger the AMT. Etc., etc., etc. Unless you have complete knowledge of an insider's total financial situation, it's very hard to pass judgement on any sale transaction. Let alone attach a bearish/bullish significance.

To: carranza2 who wrote (128619)	5/5/2003 3:30:39 PM
From: Stock Farmer	Read Replies (1) \| Respond to of 152472

Sure. Some bright spark suggested estate tax optimization was the reason for selling shares now rather than just inherit them. Here was his logic: Under American estate tax rules, long term capital gains taxes on inherited shares are based on the value of the stock at the time of the testator's death. In this case, the Jacobs boys will probably receive a nice slug of shares which, for estate tax purposes, they can value at the time of their father's death --or mother's death, if they inherit from her. Since Dr. J.'s shares have appreciated significantly over the years, receiving his shares valued at the time of death is a serious tax benefit to them. I just followed this reasoning through to conclusion by simply calculating a few differential tax rates. Sell now versus sell later. And if the conclusion is Bullshit then so's the entire line of reasoning. Including the idiot's premise. Which is kind of what I was trying to say. But a bit more politely. But you're right. Now, who was that idiot spewing raw bovine fertilizer in the first place? Oh... it was you. What a surprise! John