.

.

Hi,

I love the way you write, so perfect!

I went irs site got the form last week and I do agree with you on the 8938 form but something must have changed since I checked.

I got below message from the RECAP site

"TONY STATES I am doing absolutely ok – we will give you subtle hints about what is going on – its going to be a great day – have been on the phone over an hour already and we know you see the boards - there is a controversy about 8938 tax INFO first lets talk about that – YESTERDAY I used to work at franchise Tax board doing audits and I spent yesterday THERE sitting in an isle with auditors and I got docs from them highlighted saying everything and showing me everything –they called the IRS auditors to confirm and they state they spent the last two weeks preparing this form for the RV and its purpose… There are instructions as to WHO it applies too – 12-21 has instructions out on that date – there is a copy of the form and instructions on the site…LOOK at page 14 in the instructions and it highlights the assets foreign assets even if it does NOT have a positive value has to be recorded ad it was done in 2010 for foreign accounts was the original purpose now they are ADDING to this form with the NEW release and that’s where the assets come in – Specified Foreign Financial assets – the first sentence has been added too – those not IN a financial account will need to be reported on this form –read it and take it to your tax auditor for real.. this form was out there but updated for this RV purpose… Financial instrument Is the Dinar and any currency….DO NOT wait till January to do this form – PER TONY GO TO YOUR TAX ATTY NOW…

Correction on Friday Afternoon's PTR Call Transcription 12/24/2011


(NewLegacy emailed us the following)

The transcription of Tony was INCORRECT on today's call. THIS IS IMPORTANT - PLEASE NOTE. Tony did NOT say (as you quote) "DO NOT wait till January to do this form – PER TONY GO TO YOUR TAX ATTY NOW…". Here is what he said word-for-word:... "nobody said it had to be filed by December 31... that is NOT what anybody said. All we're trying to stress is that whoever is holding that [Dinar] on Dec 31 WILL have to file [the form] and if you wait until January to give [Dinar] away, you're going to be the one paying taxes on it, 'cause you had it on Dec 31. And that was all I was really trying to tell everybody. Go to your CPA or go to your Tax attorney and they'll explain it."

HOPE TO HEAR FROM YOU SOON.
Thanking you for your ODD ATTORNEY'S ADVISE TOO.
LC

If I have dinar on Dec 31 and pay the tax due in 2012, will my uncle whom I give 100k to also pay tax on that gift of 100k (i mean i have already paid the tax due, will it be taxed again?)

Thanks for posting this info.

How can I get a hold of your banker friend? I live in

TX.

God bless

.

.

.

Thank you for your post and information. I know that it took a lot of your time to put this together. It will be very helpful.

ECOE,


Thank you for taking the time to put this together.

This is a very, very, well thought out piece, to say the least.

I saw this post two days ago and I hope your not offended but I included this piece under a new thread called "Help a Newbie" (or something similar).

Go RV and Happy New Year!

I agree with you on most of your post in the beginning, but I do not agree with you on what your old attorney freind told you about reducing your tax obligations.

Reason is, I have spoke with many attorneys over the last few weeks concerning tax advice with certain corporations and certain trusts filed in certain jurisdictions here in the US. Along with doing my own research on the IRS website. Many things have changed for many different entities. In fact, I spoke with one attorney who can get the taxes down as low as 4% and as high as 11% depending on how much IQD your artificail entity holds.

And yes your old attorney friend is right, they can unravel any entity if you let them and they do have their pet peve entities the IRS considers to be abusive, which I would never consider as a business entity. Such as, common law business trusts, which one os trying to sell on this site, pure trusts and constitutional trusts, amoung others mentioned on the IRS website. There are many and LLCs, S, C, corps and certain other trusts are not mentioned, in fact the IRS gives pretty good example advice on how to reduce your taxes for those entities. Imagine that! Those I would consider.

AJ