From Russia With Built-In Losses
The whole thing was put together by Deutsche Bank which was one of the major players in the raid on the treasury orchestrated by the Big Four accounting firms that is documented in Tania Rostain and Milton Regan’s Confidence Games. A couple of key numbers make it clear that the whole thing had become about tax losses rather than distressed Russian debt. Assets worth about $14 million were contributed to RRF. Those assets were sold not too long afterwards from over $20 million, which is some indication of Ms. Zimmerman’s genius. Deutsche Bank ended up getting nearly $10 million in fees which indicates that the good economics were the sizzle and the tax losses were the steak
Presidential Candidate Tax Plans Coming In Slow
There doesn’t seem to be much there to do a lot of planning with. I have two things I would consider though. One is that if your estate is north of $5 million, you should really look at using up your unified credit ideally with a technique like a family limited partnership that leverages the credit. The other argument I would make is that if you have been contemplating doing something big involving a charitable deduction, it would be wise to do it sooner rather than later. Even Sanders is not calling for a higher maximum individual rate so you don’t have that reason to hold off. There is a lot of talk about closing loopholes and even a proposal to limit the value of charitable contributions to 28%. On the other hand, you have Rubio and Rand calling for lower marginal rates. Either way the argument is strong that you should make major charitable moves sooner rather than later.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.