Investing 102 - Lateral-g Forums

**GregWeld** · #1 09-30-2014, 08:00 PM

Quote:

Originally Posted by WSSix

Naming your boats that would have made for a great conversation starter, Greg.

The funny part is that the "O" in options was the original Microsoft "blibbet" (which only early MSFT people would recognize)... and the "Options" was for the MSFT options we had... and the boat gave us "options" other than sitting at home. Nobody got it - everyone thought I was an Options trader.

XLexusTech · #2 10-01-2014, 06:06 AM

Quote:

Originally Posted by GregWeld

The funny part is that the "O" in options was the original Microsoft "blibbet" (which only early MSFT people would recognize)... and the "Options" was for the MSFT options we had... and the boat gave us "options" other than sitting at home. Nobody got it - everyone thought I was an Options trader.

Continuing the boat theme .. When my brother retired as a fund manager he left with a bunch of what they called "Deferred compensation". Part of his plan was to establish primary residency in Fla.. which is free of state income tax... He did everything right but still ended up in court defending his freedom from state income which totaled approaching 6 figures in state tax.. He won... purchased and 32 foot Boston whaler outrage... Named it "Happy Returns" for the tax return he eventually got which was 100% of the money back...

**GregWeld** · #3 10-01-2014, 07:02 AM

No doubt the IRS tried to claim that he "earned it" (since it was deferred compensation) in the other state.... but since he didn't actually RECEIVE it until he moved to Florida -- he was correct. The IRS doesn't even understand it's own rules. Which is fine when you're arguing over $500 -- but not when your fighting over half a million or more. And since they're just "clerks" and it's not their money paying the attorney's - no common sense needs to be applied.

Quote:

Originally Posted by XLexusTech

Continuing the boat theme .. When my brother retired as a fund manager he left with a bunch of what they called "Deferred compensation". Part of his plan was to establish primary residency in Fla.. which is free of state income tax... He did everything right but still ended up in court defending his freedom from state income which totaled approaching 6 figures in state tax.. He won... purchased and 32 foot Boston whaler outrage... Named it "Happy Returns" for the tax return he eventually got which was 100% of the money back...

Mkelcy · #4 10-01-2014, 01:37 PM

Quote:

Originally Posted by GregWeld

No doubt the IRS tried to claim that he "earned it" (since it was deferred compensation) in the other state.... but since he didn't actually RECEIVE it until he moved to Florida -- he was correct. The IRS doesn't even understand it's own rules. Which is fine when you're arguing over $500 -- but not when your fighting over half a million or more. And since they're just "clerks" and it's not their money paying the attorney's - no common sense needs to be applied.

The IRS doesn't administer state tax returns or the collection of state income taxes. I think you meant the applicable state taxing authority.

**GregWeld** · #5 10-02-2014, 07:10 AM

Quote:

Originally Posted by Mkelcy

The IRS doesn't administer state tax returns or the collection of state income taxes. I think you meant the applicable state taxing authority.

The IRS reference was just a "general name" for tax collectors.... Everyone reading this would understand the reference. Well..... maybe not everyone.

CamaroMike · #6 10-01-2014, 05:15 PM

Your dingy is bigger than my fishing boat lol

HAULNSS · #7 10-02-2014, 05:39 AM

A little off topic....

Coming from a construction background, this is my favorite boat name....

"Original Contract" and "Change Order"

Randy

**GregWeld** · #8 10-02-2014, 07:16 AM

Quote:

Originally Posted by CamaroMike

Your dingy is bigger than my fishing boat lol

We - regrettably - sold all the marine toys (used that reference in case Mkelcy took umbrage at using the word yacht or boat) when the kids went off to college. When they came home from school - they wanted to spend time with their friends rather than go boating. We will buy another one in a few years, and have already started talking about what and where. We both love (and had hull #26 on order) the 55' Fleming.

Quote:

Originally Posted by HAULNSS

A little off topic....

Coming from a construction background, this is my favorite boat name....

"Original Contract" and "Change Order"

Randy

Randy -- Love that combination! It's perfect.

Mkelcy · #9 10-02-2014, 09:25 AM

Quote:

Originally Posted by GregWeld

We - regrettably - sold all the marine toys (used that reference in case Mkelcy took umbrage at using the word yacht or boat) when the kids went off to college. When they came home from school - they wanted to spend time with their friends rather than go boating. We will buy another one in a few years, and have already started talking about what and where. We both love (and had hull #26 on order) the 55' Fleming.

Randy -- Love that combination! It's perfect.

Why would I or anyone else object to the use of an accurate term?

You may be a little thin skinned about what, in the overall scheme of things, was a small correction, made mostly for the purpose of letting folks know that the IRS doesn't make up or enforce the rules concerning in what state income is taxed.

96z28ss · #10 10-02-2014, 04:34 PM

Quote:

Originally Posted by GregWeld

We - regrettably - sold all the marine toys (used that reference in case Mkelcy took umbrage at using the word yacht or boat) when the kids went off to college. When they came home from school - they wanted to spend time with their friends rather than go boating. We will buy another one in a few years, and have already started talking about what and where. We both love (and had hull #26 on order) the 55' Fleming.

Randy -- Love that combination! It's perfect.

Last time I checked no ocean in ID.