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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Tenchusatsu who wrote (175586)	9/29/2003 6:49:06 PM
From: d[-_-]b	Respond to of 1577825

Tenchusatsu, re:The real problem, though, is associating income with wealth. Yes, I know. It's so sad she didn't make any money last year - I hope she doesn't file for public assistance or food stamps - what would the members of her club think?

To: Tenchusatsu who wrote (175586)	9/30/2003 12:48:03 AM
From: i-node	Respond to of 1577825

Eric, It's just beyond me to believe that the writers of the tax code meant to include all her meals and clothing as a business expense. Meals and clothing are not fully deductible as business expenses. Meals are limited, and clothing is absolutely not deductible, unless the clothing is "special" in the sense that it can be used only for business (for example, a cop's bulletproof vest or special foot protection for a railroad worker). OTOH, if as she claimed, she was engaged in writing a book, she would have depreciation on her computer equipment, perhaps online research services, and other resources. It is not unusual for someone in this situation to generate substantial losses in one year to be used in subsequent years. And it could be totally legitimate. Her wealth, for all we know, is in tax free bonds or real estate, which may not produce taxable gains in a particular year. The point is that taking anyone's tax situation out of context in any one year is pretty meaningless. The same applies to huge corporations like Exxon, McDonalds, and Boeing -- which Arianna would no doubt crucify if they paid no taxes in some year.