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re: Math lesson from the money/political boards
Posted on 11/24/15 at 2:45 pm to CubsFanBudMan
Posted on 11/24/15 at 2:45 pm to CubsFanBudMan
you are limited to 50% of your income so unless his AGI was 40M for the year he can't deduct it all this year
also with that kind of income it probably consist of a lot of capital gains which are taxed at a way lower percentage
also with that kind of income it probably consist of a lot of capital gains which are taxed at a way lower percentage
Posted on 11/24/15 at 3:27 pm to yellowfin
quote:
you are limited to 50% of your income so unless his AGI was 40M for the year he can't deduct it all this year
If it's an 8 year buy-out, then that's 2.5M per year, so his AGI would need to be 5M per year. Also, the rest can be carried forward.
Also, my point wasn't that 1 person could afford to pay it all, but that if there was a group of people putting up the money, the total buy-out is highly reduced by the tax benefit.
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