The Mouse That Roared; From Small Acorns Do Large Oaks Grow; Beta OSX IS Here.
1. Clinton's Legacy, Archer's Legacy, Roth's Legacy, Moynihan's Legacy.
The following quote in today's paper says it all, "...But Republicans did suggest using some of the money to eliminate the federal telephone tax and cut taxes on some small businesses, pensions and development in inner cities [Chairman Roth's mark is due out on the 14th with Finance Committee passage next week], said participants from both parties. That seemed to be an implicit acknowledgment that the GOP's highest-profile tax cuts -- on many married couples and large estates -- would not become law this year. Both have been vetoed by Clinton, and Republicans lack the votes to reverse him..."
We have seen a few tax bills, beginning in 1964 with Investment Tax Credit, and the Reagan years, etc. We suggest the magicians are at it again and that this tax bill will be a BIG ONE! Did the lawyers, accountants or life insurance companies really want estate and gift repeal?, we doubt it, but they really will love the pension reforms.
2. It started in a work/live loft in downtown San Francisco.
Yesterday's announcement by the co-founder, Chairman, and now ex- CEO of Bigstep.Com that he was passing the reigns, was a pleasant surprise. To the former executive vice president of Wells Fargo Bank no less, with big time stock option package we assume.
Unfortunately her option package will not be convertible into IRC Section 1202 stock, as the founders, and their venture capital partners is, and when Bigstep goes public or is bought out, she will have big time ordinary income, maybe, while the others have IRC Section 1045 deferral.
Congratulations to the Bigstep STAFF, and their 150,000 members. The Mission District will never be the same.
If Bigstep.Com invested into some employee housing, nearby, in the San Francisco Enterprise Community, we suggest that they maybe could be an Enterprise Zone Business under proposed IRC Section 1397B, capital gains roll over, and that the new President maybe interested in that result, including the free housing.
3. Steve Job's In Paris.
Only Apple could pull this one off, launching their Beta OSX in Paris. We think there is a tax advisor on Apple's Staff that is promoting fringe benefits.
If you want to see about how fringe benefits work, then you had to
have read last Sundays Washington Post's lead article on President
Clinton's fun and games at the White House, where he lives above
the store, tax free, under IRC Section 119 [estimate annual cost
of the second and third floor personal residence, etc., is $10M+].
Jim Schneider, LL.M.
The Taxman86 Speaks... is copyright 1998-2010 by James E. Schneider, LL.M. Inc.