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PowerShares Financial Preferred ETF Message Board

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  • ltbhdollars ltbhdollars Dec 8, 2004 9:26 AM Flag

    And the Beat Goes on

    pe5k

    Not gonna get into a back and forth on this... I am only attempting to report and when appropriate add any unusal/differences that might be misunderstood. Personally, I will act on the verbage as I have posted it.

    1) My understanding of the Canadian Legal Legislative Term of Tabled ...is that it is a three part action (like a first, second and third reading) that if it is tabled the third time it becomes law.

    2) if I understand your tax approach ... you are violating the IRS guidance that any foreign tax paid on ROC is improper, must be recovered from the foreign taxing authority and does NOT qualify for application towards a foreign tax credit.

    3) the only correct ROC treatment is to reduce your cost basis by ROC such that you will pay tax on the ROC upon sale of the asset.

    I do not knowingly break the IRS rules and employ a CPA to ensure a truefull and accurate return, but then thats just me.

    The above is MHO and should not be used as tax or stock investing advice, do your own DD and seek professional advice.

    LTBH

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