Reading this right after watching "Mountainhead" was enjoyable, but I do commend the guy for publishing it; sadly few case studies where things went wrong ever see the light of day. This part stood out:
>"What's the tax treatment on crypto profits if I roll them into a Qualified Opportunity Zone investment?" I'd asked my accountant. His eyes had lit up—the first clue I was onto something interesting.
If you find yourself in the position of giving tax advice to your accountant, he's either a crummy accountant or playing you to get more fees. And it looks like the most rosy estimate was -$1.5m NPV to gain ~$1.1m ($8.7m x 0.32 x 0.4) in tax benefits? I can't see what the plan was.
> Mr. R's application stood out immediately...Our first Zoom call revealed a muscular man with a shaved head and a perpetually amused expression
It seems that everyone involved had dollar signs in their eyes. The cherry on top was moving to a country he knew nothing about for "lower taxes."
>"What's the tax treatment on crypto profits if I roll them into a Qualified Opportunity Zone investment?" I'd asked my accountant. His eyes had lit up—the first clue I was onto something interesting.
If you find yourself in the position of giving tax advice to your accountant, he's either a crummy accountant or playing you to get more fees. And it looks like the most rosy estimate was -$1.5m NPV to gain ~$1.1m ($8.7m x 0.32 x 0.4) in tax benefits? I can't see what the plan was.
> Mr. R's application stood out immediately...Our first Zoom call revealed a muscular man with a shaved head and a perpetually amused expression
It seems that everyone involved had dollar signs in their eyes. The cherry on top was moving to a country he knew nothing about for "lower taxes."