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

To: Oeconomicus who wrote (514528)	12/22/2003 2:20:49 PM
From: PROLIFE	Respond to of 769670

Why don't you just advocate confiscation of all wealth to be held and redistributed at the whim of you favorite politician? Democratic Party platform....no?

To: Oeconomicus who wrote (514528)	12/22/2003 7:38:10 PM
From: Lazarus_Long	Respond to of 769670

I passed "Passive income" in the context of personal income taxes NEVER includes capital gains from securities investments and it definitely DOES NOT get favorable tax treatment. Passive income refers to the taxpayer's share of business income and losses from a business in which they do not materially participate. This is generally reported to you on a form K-1 (from a partnership, S-corp, etc.) and, BTW, would NOT come from ownership of shares of a "listed company" unless you happen to know of one that is structured as a pass-through entity. And passive income, in fact, gets UNfavorable tax treatment because you can't deduct passive losses except against passive income (and even then, you may have AMT issues). Beyond that, it is taxed as ordinary income to you - just like "active" business income if your business is profitable. by my wife. She accumulated 20 years experience as an IRS auditor and then revenue agent and now has her own tax practice and is licensed as an Enrolled Agent. She agrees with you. Capital gains are a travesty, a sham. Ludicrous and idiotic.