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Posted by Dick Adams on April 21, 2008, 7:13 am
Please log in for more thread options > Dick Adams wrote:
>> I think you have hit the hammer on the thumb here.
>> This sounds like a roll-your-own trustee situation
>> with high fees. Where does one find the IRS
>> approval documentation? I'll inundate him with
>> paper and give him a month of reading.
>
>> An equally large issue is the avoidance of
>> self-dealing in such a plan.
> I'm quite sure that IRS has not approved any
> prototype plan for quite this situation. But
> there are plans for owning securities in any
> companies, so that is not the problem. Finding
> a willing custodian/trustee is the problem.
Where are the qualifications and rules for being
a custodian?
> Self dealing would be no problem just as long
> as he or any company he controlled had no
> dealings with those selected. After all, it's
> just ownership of stock which wouldn't in itself
> help one of those companies.
This question was asked of me by an accountant.
Based on the above statement, am I correct in
inferring that he could not be the accountant
compiling monthly financials and preparing tax
returns for companies in which his Roth had
invested even if he exercized no management
functions?
Dick
And now to the non-tax-related delusions of mi amigo:
> p.s. just watched a show about the Cubs, and
> everyone interviewed referred to not IF the Cubs
> ever win the world series, but WHEN.
Next time change the channel! ;)
I suspect these interviews were held in the vicinity
of the garbage can whose flames were providing
warmth for the interviewees while they passed around
a bottle of fortified wine. My answer would be that
any specific NL team has, by random chance, a 5/16th
chance of being in the playoffs, a 1/8th chance of
winning the playoffs, and thus an annual 5/128th
(.039036) chance of even being in the World Series.
That is a 60% probability over the next 23 years for
any specific NL team. And for winning the WS, it's
36.47% over the next 23 years.
Considering the Chicago Chokers of Wrigley Graveyard
infamy have had only 16 winning seasons over the last
60 years (and six of those were in the Durocher years
(1967-1972), I would cut that probability of them
being in a WS at 30% and winning it at 15%. Of course,
these odds would change if they moved out of that
cracker jack ballpark and into a major league ballpark.
Unless that happened, I'll lay a 750ml bottle of Jack
Daniels Single Barrel against an equivalent bottle of
your choice of Scotch that Windy City Whuses do not
win a WS by 2030.
I expect the only Major League team in Chicago, YOUR
Chicago White Sox, will win two more World Series by
2030.
> Given your past comments I just wonder; IF I wound up
> with two tickets to game seven and offered you one,
> would you take it?
Harlan, I would be honored to attend any baseball game
with a valued colleague. I would accept the ticket and
attend UNLESS I had to sit near Commissioner Kevorkian!
I would, of course, root for the AL team - even if it
was Darth Vader's contempable Bronx Street Urchins.
Best regards,
Dick
--
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