Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Lane3 who wrote (101744)	2/23/2005 7:36:44 AM
From: LindyBill	Read Replies (3) \| Respond to of 793750

But you liquidate about $300K each year from your $10 million in assets to accommodate your lifestyle. Seems like a situation that would never come up. 10mil invested in Gov bonds would get you more than that. Who in their right mind would have it in non-interest bearing accounts?

To: Lane3 who wrote (101744)	2/23/2005 7:48:15 AM
From: John Carragher	Read Replies (1) \| Respond to of 793750

315 income... that is what she chose to live on .. question may pertain to selecting jury members for a particular trial. Maybe defense is looking for jurors living in a certain economic situation. depends on what is the purpose of the question

To: Lane3 who wrote (101744)	2/23/2005 8:13:45 AM
From: kumar	Read Replies (1) \| Respond to of 793750

$15K income is what I would declare. 300k or whatever is a conversion of asset class, NOT income.

To: Lane3 who wrote (101744)	2/23/2005 10:49:12 AM
From: Ish	Respond to of 793750

<<But you liquidate about $300K each year from your $10 million in assets to accommodate your lifestyle. >> It depends. If the $10 million is cash that the taxes have been paid then it's not income. OTOH if the $10 million is stocks that were bought for $5 million then $150k would be taxable income.

To: Lane3 who wrote (101744)	2/23/2005 11:58:36 AM
From: Bridge Player	Read Replies (1) \| Respond to of 793750

Of course there is an answer....income is what the IRS says it is. Salaries, wages, interest income, dividends, capital gains, gambling or lottery winnings, prizes and awards, fees from jury duty, fair market value of bartering, rental income, etc. etc. Your question is almost entirely hypothetical. In the case of $10 million in non-income-generating assets, on which any taxes that resulted from appreciated assets have already been paid , then as long as the assets do not generate income, the individual receives absolutely no income when those assets are "cashed in". If such a person receives $15,000 in social security income, that would be their only income. In the real world, it is difficult to conceive of such a situation. I suppose if you instructed a bank to hold funds in a non-interest bearing account and allowed them to keep any income generated rather than credit it to your account, they might conceivably agree to do that. Failing such a situation, such assets nearly always would generate some kind of income.