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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: willcousa who wrote (443646)	8/15/2003 5:48:18 PM
From: steve dietrich	Respond to of 769670

Corporations are a separate legal entity apart from whomever is currently holding their shares. It is only double taxation if you do not distinguish the corporation from the current owners. If you consider them one and the same, then a corporation should not be able to file bankruptcy without the shareholders being liable for the debts.

To: willcousa who wrote (443646)	8/15/2003 7:51:27 PM
From: TigerPaw	Respond to of 769670

are taxed on the amount forgiven and no transfer of money has taken place. Maybe I should have said value transfer, or virtual money transfered. It's pretty much the same if you disregard treat the exceptions like "S" and nonprofits and stuff as exceptions. When I get my stream of income payslips and distribute it to those who invested in me, like credit card companies and mortgage lenders, they have to pay tax again. double taxation? maybe but just the same as dividends. TP