club_cafe: Departure Rules

Medio, John (US - Chicago) on

Ok. I'm pushing my last ones now as well. I'll defer on the technical termination issues from now on. Any clubs with PFIC issues though, I'm your guy...

I definitely enjoy reading the boards regularly. I have learned quite a bit from you and Rip over the past couple of years, so I think I speak for everyone when I say, thank you.

-----Original Message-----
From: IraS1@aol.com [mailto:IraS1@aol.com]
Sent: Tuesday, April 15, 2003 9:58 AM
To: club_cafe@bivio.com
Subject: Re: club_cafe: Departure Rules

In a message dated 04/15/03 10:32:35 AM Eastern Daylight Time, jmedio@deloitte.com writes:

I stand corrected. Ill shut my mouth from now on :)

John,

Please don't! None of us is infallible. My original reply wasn't meant to address the original poster's question seriously, I was just being flippant. I had the right answer only by coincidence. Although I was aware of the 50% transfer/sale --> termination rule, I didn't considered it before posting my reply.

When John Munn raised the transfer rule issue, I knew I didn't have the answer at my fingertips. Until Rip cited the appropriate ruling, I had no idea whether the club would be effectively terminated or not. Once I got my last tax filings in the mail today, I was going to do the research.

Thanks for helping keep all of us on our toes. In the end, we all get much better advice from the board.

Ira Smilovitz

This message (including any attachments) contains confidential information intended for a specific individual and purpose, and is protected by law. If you are not the intended recipient, you should delete this message. Any disclosure, copying, or distribution of this message, or the taking of any action based on it, is strictly prohibited.

John R. Munn on

IRS rules are determined to confound and confuse! I only know enough to
get myself in trouble, and, without Ira and Rip to help guide the way,
I'd be lost in a the morass of IRS regulation. Ira and Rip... you are
such valuable assets to the investment club community, for years of
dedicated service and professional advice...

THANK YOU!!!

John

Medio, John (US - Chicago) wrote:

> Ok. I'm pushing my last ones now as well. I'll defer on the
> technical termination issues from now on. Any clubs with PFIC issues
> though, I'm your guy...
>
> I definitely enjoy reading the boards regularly. I have learned quite
> a bit from you and Rip over the past couple of years, so I think I
> speak for everyone when I say, thank you.
>
> -----Original Message-----
> *From:* IraS1@aol.com [mailto:IraS1@aol.com]
> *Sent:* Tuesday, April 15, 2003 9:58 AM
> *To:* club_cafe@bivio.com
> *Subject:* Re: club_cafe: Departure Rules
>
> In a message dated 04/15/03 10:32:35 AM Eastern Daylight Time,
> jmedio@deloitte.com writes:
>
>> I stand corrected. Ill shut my mouth from now on :)
>
>
> John,
>
> Please don't! None of us is infallible. My original reply wasn't
> meant to address the original poster's question seriously, I was
> just being flippant. I had the right answer only by coincidence.
> Although I was aware of the 50% transfer/sale --> termination
> rule, I didn't considered it before posting my reply.
>
> When John Munn raised the transfer rule issue, I knew I didn't
> have the answer at my fingertips. Until Rip cited the appropriate
> ruling, I had no idea whether the club would be effectively
> terminated or not. Once I got my last tax filings in the mail
> today, I was going to do the research.
>
> Thanks for helping keep all of us on our toes. In the end, we all
> get much better advice from the board.
>
> Ira Smilovitz
>
> This message (including any attachments) contains confidential
> information intended for a specific individual and purpose, and is
> protected by law. If you are not the intended recipient, you should
> delete this message. Any disclosure, copying, or distribution of this
> message, or the taking of any action based on it, is strictly prohibited.
>

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