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To: Ray Rueb who wrote (2614)	7/2/1998 11:33:00 AM
From: Sea Otter	Read Replies (1) \| Respond to of 10081

Taxes. So: let me get this straight. Say one owes 100k in taxes from gmgc sales. And last year you paid 50k in taxes total. Therefore, as long as you paid-in 50k of taxes by Jan 15th, the extraordinary 100k tax doesn't have to be paid until April 15th? Did I get that right? Is there any limit to this amount? I, fortunately or unfortunately, sold and traded some significant gmgc last week. So a visit to the tax specialist is on my list of things to do. Well, I'm off for the holiday. Have a great 4th everyone - see you all next week! Sea Otter

To: Ray Rueb who wrote (2614)	7/3/1998 9:56:00 PM
From: shortlong2	Respond to of 10081

Ray : My third year in the stock Market, 1968, I made exactly double in the stock market, that I did working for a living. It has never happened again, but at that time when I went to have my taxes done my tax man told me I might get a warning for not reporting earlier. He was right, I did get a warning, and one every three months after that for a year. I was told if I had large capital gains, I don't remember what the figures were, I was required to report quarterly. Like I said, I never had that big of gains again, so I just forgot about it. Are things that much different now ? I was not day trading, it was just short term profits. I was warned that if I did not report the [big] capital gains quarterly, there would be a fine [substantial] , that much I do remember, on top of the fines would be interest on the capital gains that I did not report quarterly. I also found out that, saying I didn't know this was no excuse, their favorite motto is "ignorance is no excuse". Maybe things have changed, I don't know, I guess right now I am ignorant on this matter, I'm just relying on my own personal ,past experience.