Dinar RV Tax? – 2 Minute Drill for RV Touchdown

Okie Oil Man & Wynn
Thu, Dec 20, 2012
Subject: Dinar RV 2 Min Drill
www.MorningLiberty.com

Okie Oil Man Comments…

** 12-21-2012 Dinar Guru BREAKING NEWS ** Maliki’s GOI just arrested the special guards of the Minister of Finance and Maybe the Finance Minister Rafie al-Issawi too. This is BIG. So big its grabbed President Obama’s attention… He has made phone calls to Iraq to see what is going on with this situation. The US embassy is not happy either. First the CBI and now the minister of Finance…More as it developes…stay tuned.

12-21-2012 Newshound Guru Enorrste Article – “Issawi confirms arrest of 150 individuals from protection and calls for Maliki to resign because he did not protect the key ministry” now is the time for Allawi and Al Sadr to step up and join forces with those who attended the press conference. It is clear that the Kurds will join in, since they are almost at war with Maliki anyway! The fact that some of the protesters are from Maliki’s own side is also important. The problem comes down to courage, ultimately. We all know that they almost succeeded several months ago with a no-confidence motion, but that Talibani wavered and then Al Sadr backed out. They cannot do this without Al Sadr, in my opinion…perhaps in the next few days something will “gel” and get the ball moving again.

12-21-2012 Newshound Guru Phoenix3333 BREAKING NEWS – Nijaifi, Mutlaq, Essawi hold meeting behind closed doors. Leaders of Iraqiya slate, Usama al-Nijaifi, Saleh al-Mutlaq and Rafi al-Essawi held a meeting behind closed doors to discuss the effects of arresting Essawi’s guardsmen. Informed source said on Friday, Dec. 21, that members of Iraqiya slate demanded the immediate release of the detainees.

12-21-2012 Newshound Guru Med I SEE THERE ARE DEMONSTRATIONS ALL OVER IRAQ AND THE INTERNATIONAL HIGHWAY HAS BEEN CLOSED BY IRAQI TRIBES DEMANDING THE RELEASE OF ALL ISSAWI’S MEN. I SEE THAT OBAMA SAYS THIS IS AN INTERNAL AFFAIR…BS, WE PUT MALIKI IN OFFICE KEPT HIM IN OFFICE HOW CAN WE NOT SEE THAT THIS IS STILL AN ONGOING THREAT PEACE IN THE REGION. HONESTLY THERE WILL BE BLOODSHED THIS IS GOING TO COME DOWN TO THIS I THINK.

12-21-2012 Newshound/Intel Guru BGG It seems likely there will be a new president of the Republic. I have to take responsibility for saying Talabani was dead, but there is a serious heath situation with him. It looks like Barzani is seeking the presidency. Also, a strong candidate, Najafi is a possible alternative to Talabani & the Kurds submitted their primary negotiator guy. Najafi will be the easiest candidate for Maliki to work with. Barzani is a candidate and if that happens it will put a lot of pressure on Maliki. His first order of business will be to remove Maliki if he doesn’t do something serious to appease everyone involved. This is obvious good for us.

12-21-2012 Intel/Newshound Guru Poppy3 I’m real excited about what is going on in Iraq. I don’t think the situation with Talabani will be a set back. The UN was to have a meeting on the 27th & Moon was to make an address about Iraq. Hopefully that schedule continues.

12-21-2012 Newshound Guru Med THE STORY ON ISSAWI…BIG MISTAKE BY MALIKI TODAY BIG. HE HAS SET OUT AGAINST SUNNI’S FIRST HASHEMI THEN ISSAWI, BOTH TOP SUNNI’S AND BOTH FROM THE IRAQI LIST.

12-21-2012 Intel Guru TerryK tomorrow [Friday?] is the end of the world as we know it. we are looking at a new start with the fed reserve. so keep your eyes open tomorrow ok. just telling you all tomorrow is a big fricking day…watch, it’s what i am not spose to chat about but i gotta let you know, it’s a big friccccckiingg day. i just got another call, grrrrr, again told to shut up, so with that i’m shutting up.

12-21-2012 Intel Guru Okie_Oil_Man THE INFORMATION RECEIVED IN TODAY IS THE MOST PROMISING THAT I HAVE EVER RECEIVED. WE ARE NEARING THE VERY END OF OUR JOURNEY. [are we still looking for a green christmas?] THAT IS WHAT I AM BEING TOLD AT THIS EXACT TIME. THINGS ARE POSITIVE BUT FLUID. [post 4 of 4]

12-21-2012 Intel Guru Okie_Oil_Man GOOD LUCK TO THE NEW’S HOUND’S THAT CONSTANTLY CHASE IRAQI NEW’S. YOUR FOCUS WOULD BE BETTER SERVED CONCENTRATING ON WHAT IS OCCURRING IN OUR OWN COUNTRY AND IT’S DIRECT RELATION TO THE FUTURE U.S.A. FINANCIAL CONDITION AND HOW IT WILL DIRECTLY IMPACT EACH OF US INDEPENDENTLY. [post 3 of 4….stay tuned]

12-21-2012 Intel Guru Okie_Oil_Man IN YEAR’S PAST IRAQ HAD A KEY INFLUENCE IN DETERMINING THEIR CURRENCY VALUE BY HOLDING IT AT A PERCEIVED VALUE OF APPROXIMATELY 1170 DINAR’S PER DOLLAR. THEY RELINQUISHED THAT AUTHORITY AS STATED ABOVE AND THE U.S.A HAS HAD A QUASI GOVERNMENTAL INFLUENCE ON THEIR VALUE OF THEIR CURRENCY UNTIL THEY GAVE OVER THE AUTHORITY TO THE ABOVE MENTIONED ENTITIES. [post 2 of 4….stay tuned]

12-21-2012 Intel Guru Okie_Oil_Man WHAT GOES ON IRAQ IS INTERESTING AND OF HISTORICAL VALUE–IT HAS NOTHING WHATSOEVER TO DO WITH THE C/E OR R/V. IRAQ SIGNED OFF MONTH’S AGO THE AUTHORITY OF THE DETERMINATION OF THE VALUE OF THEIR CURRENCY TO THE B.I.S–THE I.M.F –AND THE WORLD BANK. WHAT IS STRANGE IS SO MANY DOESN’T REALIZE THAT. [post 1 of 4….stay tuned]

12-21-2012 Newshound Guru Tlar I find it very interesting that all of these accusations about Maliki are coming out at this time following the arrival of the international community to protect the bank. To me it is starting to look like a well-orchestrated movement that is now receiving leaked documents of all kinds of meant to incriminate Maliki and the SOL and erode their base. We know the CIA and intelligence community are knee deep in Iraq. I personally believe that someone has given the green lite to destroy Maliki. There is just too much leakage in the last two weeks about him to just be a coincidence. Whoever these powers are, they have decided to get rid of Maliki. I think behind the scene, everybody is involved both within and without of the country.

Please study this and then can make a more informed decision.

Kindest,
Wynn You can reach me by calling ph 801-205-7070 and leave a message…

P. S. When/if you contact Fulcrum please let them know you are from the Wynn Randall group so they can direct you to the correct party. Thanks.

Fulcrum Tax Group has seen many e-mails with different theories on how exchanging foreign currency at a different value from when it was obtained may or may not be taxable. To bring clarity to this topic we offer the following for your consideration:
· Exchanging Foreign Currency to US Dollars Is A Taxable Event For Amounts Over $200
Reference:
http://www.irs.gov/pub/irs-pdf/p525.pdf
Page 33, Paragraph "Foreign Currency Transactions"

· Foreign Currency Transactions are defined by the IRS Code, Chapter 26, Section 988
Reference:
http://www.law.cornell.edu/uscode/text/26/988
IRS Code: 26 USC § 988 – Treatment of foreign currency transactions

· The Taxability Of Foreign Currency Transactions Is Supported Through Legal Opinions
References:
http://www.irs.ustreas.gov/pub/irs-drop/rr-08-01.pdf
Opinion: U.S. Treasury, Section 988

http://www.offshorepress.com/offshoretax/otcurrency.htm
Opinion: U.S. Taxation of Currency Gains or Losses

· Tax Treatment Of Foreign Currency Transactions Has Been Adjudicated
· U.S. Appeals Court Ruling Upholds Section 988
Reference:
https://bulk.resource.org/courts.gov/c/F3/71/71.F3d.1040.95-4084.508.html
Philip Morris Inc. v. Commissioner, 71 F.3d 1040 (2d Cir. 1995), aff’g 104 T.C. 61 (1995)

Therefore, based on the above information exchanging foreign currency to US Dollars is a taxable event. They key is whether or not you have tools in place (i.e. Qualified Trusts) that can help you with the tax consequences. Thus, the following scenarios are applicable:

Scenario 1: Without A Trust
John & Jane Doe purchased foreign currency for $1,000 US Dollars more than a year ago.
They exchanged the currency in 2012; They received $100,000 US Dollars

Upon taking the foreign currency to a foreign exchange broker or bank, at that institution’s discretion they may take 15% of the 100,000 US Dollars per US Treasury regulations (this is a separate tax that has nothing to do with the IRS Section 988). Additionally, the broker or bank will report the transaction to the IRS.

When John & Jane Doe do their individual tax return they will have to report a capital gain of $99,000 dollars (taxable at a pre fiscal cliff of 15%. Note: Without Congress and the President passing legislation that rate will automatically be raised to 20% in 2013).

Scenario 2: With A Trust
At one point ownership of foreign currency valued at $1,000 was transferred to a trust that John and Jane Doe are the trustees. The trust exchanged the currency in 2012; The trust received $100,000 US Dollars

Upon taking the foreign currency to a foreign exchange broker or bank, at that institution’s discretion they may take 15% of the 100,000 US Dollars per US Treasury regulations (this is a separate tax that has nothing to do with the IRS Section 988). Additionally, the broker or bank will report the transaction to the IRS.

The trust may complete a series of documents and perform a series of transactions in a specific order within 2012 (very important) that allows the trust to reclassify the income as corpus (body of the trust). In doing so, the trust will minimize OR eliminate the taxable amount for the trust’s 2012 return.

In Football it is called the, “Two Minute Drill”. A series of plays designed to score points when time is running out.

Fulcrum Tax Group serves several clients that have investments in foreign currency. Those clients have established trusts along with a plan of items to execute to minimize of defer tax consequences on the event of a re-evaluation of their foreign currency holdings. That plan requires a series of events in a specific order with certain timing of elements supported with documents within their trust for the tax advantages to be realized.
In short, those events and transactions will require about 4 to 5 business days to complete. Therefore, as of this writing there are exactly 5 business days left as 2012 winds down. Leaving our clients with our version of the, “Two Minute Drill”.
To summarize, if foreign currency is exchanged to US Dollars between December 21st, 2012 through December 31st, 2012, we have advised our clients that there may not be enough time to do all the items in their trust (the “Two Minute Drill”). Therefore, they may want to wait until 2013 to exchange the currency when there will then be an entire year of tax planning afforded to them. In the event, they want to exchange some currency and if they do not have enough time to execute all the items in the trust by year’s end, then exchange the minimum amount, because the amount exchanged will be subject to the taxes in scenario 1.
Hopefully this reduces some of the confusion swirling out there 🙂
Happy holidays,
Fulcrum Tax Group

DISCLAIMER: This information is for educational purposes only. Details specific to your situation and circumstances require a tailored plan. We encourage evaluation by qualified experts to your specific situation. Use this information as reference only.


Wynn

"I prefer liberty with danger to peace with slavery!"

If a Copyrighted Spendthrift trust has an account in a failed bank that trust is covered to $250,000 and each beneficiary of the trust as well…that means if there are 10 the coverage’s is $25 million! Confirmed with Wells Fargo Bank.

"In times of change, the LEARNERS will
inherit the earth…while the 'learned'
will find themselves beautifully equipped to live in a world that no longer exists"
— Eric Butterworth

"The secret to success is to own nothing, but control everything."
– John D. Rockefeller.

What do you NOT wish to lose to anyone, EVER?
THIS IS NOT MINE. IT IS PROPERTY BELONGING TO A TRUST. GUESS WHO GETS TO USE IT?

FASTER THAN A FERRARI


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