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The result is that you get a tax deduction worth $2 million, the charity gets $130,000, and the lawyers get the rest of the value of the yacht. This shouldn’t work, and it doesn’t work, but it’s funny to think about. A good pressure point in the tax code is the charitable deduction for non-cash assets: If you have some unique non-traded asset (art, yacht, etc.), you can donate it to charity and deduct the market value of the asset, and if there is no market value then you and the charity have some leeway to make it up. You want the value to be high (so you get a bigger deduction), and the charity doesn’t care (it isn’t paying the made-up price), so there are incentives to make up a big number. The IRS knows this and tries to crack down by requiring appraisals, etc., but if you can generate what looks like a market transaction at the made-up price, I guess that helps. But if you generate what looks like a fake transaction, it doesn’t.
The SEC Cracks Down on Crypto
bloomberg.com
A user of the banking system will often have to redundantly explain themselves when they hit Tier Three, for the same reason as they did when they hit Tier Two. However, because they’re no longer operating in time-starved tickets-per-hour crunch mode, Tier Three has richer access to systems at the bank and more ability to forensically reconstruct procedural history, including history that is not ledgered. They will frequently do this both to do their jobs and to do the legwork for other professionals at the bank who might have decisionmaking authority in some cases but do not have the access or acumen to pull together a view of a case from disparate systems.
Seeing Like a Bank
bitsaboutmoney.com
In your actively managed funds, you will buy the companies that you like and avoid the companies that you don’t like. In your passively managed index funds, you will buy the companies that you like and also the companies that you don’t like. But you will — mostly symbolically — vote against the managers at the companies you don’t like, because you don’t like them.
AMC’s APEs Might Stick Around
bloomberg.com
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