Rex Tillerson

[lamboguy]

by becoming Secretary of State and lasting on the job for over a year, Rex saved himself in the range of $65 million in capital gains taxes by divesting his Exxon Stock with this fine opportunity.

when you take a big federal job you are not allowed to own stock in any company so that you are not biased. if you last a year, you don't have to pay any capital gains taxes.

Tillerson lasted a few days more than the year and was very lucky that Trump didn't give him the ax before the year was out.

[chadk66]

played masterfully.

[fast4522]

Originally Posted by lamboguy

by becoming Secretary of State and lasting on the job for over a year, Rex saved himself in the range of $65 million in capital gains taxes by divesting his Exxon Stock with this fine opportunity.

when you take a big federal job you are not allowed to own stock in any company so that you are not biased. if you last a year, you don't have to pay any capital gains taxes.

Tillerson lasted a few days more than the year and was very lucky that Trump didn't give him the ax before the year was out.

I am sure President Donald J. Trump understood this and had no reason to be punitive to him or anyone who gives it an honest effort.

[Nutz and Boltz]

Originally Posted by lamboguy

Tillerson lasted a few days more than the year and was very lucky that Trump didn't give him the ax before the year was out.

...or as planned ?

[vegasone]

So?

[Nutz and Boltz]

Originally Posted by vegasone

So?

Don't get me wrong. I don't give two flying sh_ts what any multi-millionaire does. Most of them are scum, anyway! I trust no one !

[AndyC]

Originally Posted by lamboguy

by becoming Secretary of State and lasting on the job for over a year, Rex saved himself in the range of $65 million in capital gains taxes by divesting his Exxon Stock with this fine opportunity.

when you take a big federal job you are not allowed to own stock in any company so that you are not biased. if you last a year, you don't have to pay any capital gains taxes.

Tillerson lasted a few days more than the year and was very lucky that Trump didn't give him the ax before the year was out.

It is only a deferral and only if he reinvested in Treasuries. As soon as the treasuries are sold the tax becomes due.

[lamboguy]

Originally Posted by AndyC

It is only a deferral and only if he reinvested in Treasuries. As soon as the treasuries are sold the tax becomes due.

is there a chance that those taxes could possibly be deferred forever?

[reckless]

Originally Posted by lamboguy

is there a chance that those taxes could possibly be deferred forever?

Yes, imo, by never selling the Treasurys he could defer the tax.

And, despite the paltry interest rates of recent years, one could still receive piles of steady safe interest income if he own millions upon millions worth of these T-Notes and T-Bills as we assume he does.

[lamboguy]

this is similar to a 1031 exchange or maybe is a 1031 exchange where as long as you invest the same amount of money your taxes are postponed. if you do it with real estate, the first $250,000 of capital gains is exempt but you have to buy another piece of property with the rest. when you die that property goes into an estate and part of that is tax exempt. .

Tillerson was a big number, over $60 million that he has deferred. that is a big hunk of change. there must be other's in the same boat as him that have the same type of deals.

[AndyC]

Originally Posted by lamboguy

this is similar to a 1031 exchange or maybe is a 1031 exchange where as long as you invest the same amount of money your taxes are postponed. if you do it with real estate, the first $250,000 of capital gains is exempt but you have to buy another piece of property with the rest. when you die that property goes into an estate and part of that is tax exempt. .

Tillerson was a big number, over $60 million that he has deferred. that is a big hunk of change. there must be other's in the same boat as him that have the same type of deals.

Where did you get the idea that $250,000 is excluded in a 1031 exchange? It's no surprise that some people believe that taxes are rigged for the rich when they are misinformed as to the facts.

[AndyC]

Originally Posted by reckless

Yes, imo, by never selling the Treasurys he could defer the tax.

And, despite the paltry interest rates of recent years, one could still receive piles of steady safe interest income if he own millions upon millions worth of these T-Notes and T-Bills as we assume he does.

Yes he could defer the tax but he could have also deferred the tax on his stock by not selling. Forcing a public servant to divest holdings and then hitting them with a huge immediate tax bill is not fair. Hence the deferral law.

If Tillerson was allowed to keep his stock he would have benefited by many more millions than the paltry return on Treasuries.

[lamboguy]

Originally Posted by AndyC

Yes he could defer the tax but he could have also deferred the tax on his stock by not selling. Forcing a public servant to divest holdings and then hitting them with a huge immediate tax bill is not fair. Hence the deferral law.

If Tillerson was allowed to keep his stock he would have benefited by many more millions than the paltry return on Treasuries.

the stock has risk, the treasuries are backed by the good faith of the American public.

[AndyC]

Originally Posted by lamboguy

the stock has risk, the treasuries are backed by the good faith of the American public.

If it was such a great investment Warren Buffet would have sold his stock portfolio long ago and would be sitting in treasuries. Treasuries are not risk free.

[lamboguy]

Originally Posted by AndyC

If it was such a great investment Warren Buffet would have sold his stock portfolio long ago and would be sitting in treasuries. Treasuries are not risk-free.

XOM went down from 93 to 83 since he dumped his shares