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Linn Energy, LLC Message Board

  • okiegl okiegl Oct 1, 2008 4:07 PM Flag

    tax and rescue

    First, my bias... As an independent who stands firmly on the constitution as the conservatives pull it to the right and the liberals pull it to the left I frequently have headaches about how our government operates. One principle that I believe in is "pay your way!" Neither party has apparently heard of that.

    Have you reviewed the changes to the rescue plan proposed by the republicans? Here are some key items that give me a big headache, the combination of which is a cost beyond my meager imagination. Look at these three parts for a second: (1) elimination of capital gains tax for two years, (2) prevent a change in mark to market accounting, and (3) allow carry-back losses in '07, '08 and '09 back five years.

    Wow. So, get a huge refund from the recent losses, buy at the fire sale when housing prices are at a five year low at the mark, then sell the properties TAX FREE when the market recovers. Amazing.

    The rescue plan itself had some (debatable) chance of getting the money back. However, the associated tax breaks added to the bill will increase the national debt significantly and there is no chance of being near neutral. Just add it to the total and pass it on to the next generation.

    For LINE the capital gains elimination doesn't do our evaluation any good comparatively since our distributions won't qualify.

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