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Costco Wholesale Corporation Message Board

tjpollo 9 posts  |  Last Activity: Dec 29, 2014 12:11 PM Member since: Jan 12, 2012
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  • Reply to

    shipping

    by glenw00doo1 Dec 26, 2014 6:05 PM
    tjpollo tjpollo Dec 29, 2014 12:11 PM Flag

    The Soo Locks webcam site says the locks close for maintenance beginning 1-15-2015 and will reopen 3-2-2015. Currently the webcam shows no visible ice to the east or west of the locks. So pellets could be loaded through 1-12-2015 and make it to the lower lakes by the deadline.

  • anyone have a clue?

    Sentiment: Hold

  • Reply to

    IRS audit

    by tjpollo Nov 12, 2014 1:52 PM
    tjpollo tjpollo Nov 28, 2014 1:06 PM Flag

    I agree, more correctly the reduction in taxable income is a "depletion" of resources.
    And my percentages above are not well defined. More specifically, in 2013 the MSB depletion offset (reduced) 9% of my taxable MSB income (all on Form 4797). In 2012, it offset 27% (combined from Form 4797 and Sched. E). Surprisingly, in 2011, it offset over 100% of the MSB income. And the extra was used to offset other reported income. This essentially differs and converts the income into long term capital gains, in significant amounts. As I said before, I do not know why the depletion is so variable, but it makes estimating income tax payments difficult since the depletion is only announced in January for the past year. For the time being I guess that there is an accounting of ore removed from the ground for the depletion calculation, and a separate accounting for the pellet sales. But it is only a guess. Does anyone know or want to guess?

  • Reply to

    IRS audit

    by tjpollo Nov 12, 2014 1:52 PM
    tjpollo tjpollo Nov 21, 2014 1:44 PM Flag

    No. But I maintain and update a personal spreadsheet to calculate the basis for the next year for each lot of units purchased, according to the Mesabi Tax Guide instructions which they distribute in January of each year.

  • Reply to

    IRS audit

    by tjpollo Nov 12, 2014 1:52 PM
    tjpollo tjpollo Nov 14, 2014 9:49 AM Flag

    Yes. And it varies each year, quite widely, and unpredictably. I believe it has been between 20-90%. You can research this by reading the annual Tax Guides on the Mesabi website. I don't know why it varies so much.

    BTW: thumbs down to the idiot who attached a thumbs down to this simple question. Anonymous numskull !

  • tjpollo by tjpollo Nov 12, 2014 1:52 PM Flag

    I was randomly selected for an intensive IRS audit under the National Research Project.
    Although I have not received the final report, the annual Mesabi Tax Guides were considered in detail and appeared to pass inspection. Problems were noted with the corresponding brokerage reports. A word to the wise, I strongly recommend that holders of taxable units follow the Guide each year in every respect. GLTA

  • tjpollo tjpollo Nov 1, 2014 11:31 AM Flag

    Nov. 1, Wall St. Journal: Cliffs trying to update Bloom Lake process with Nucor and 2 Japanese steel mfr.'s.
    However, Cliffs to remain focused on Great Lakes operations, including Mesabi's ore. The auto and drilling businesses are strong. At these prices MSB is a buy for ~10% income and some appreciation into the low 20's.

    Sentiment: Buy

  • Reply to

    starting a position

    by coal_bull Oct 30, 2014 3:46 PM
    tjpollo tjpollo Oct 31, 2014 11:53 AM Flag

    MSB will generate a nice return. However, before you buy several lots of this in a regular taxable account you must read the Mesabi Tax Guide for 2013 and understand how cumbersome it is to track several lots bought in different months.

  • Reply to

    ex-date

    by caleagle2000 Oct 28, 2014 5:04 PM
    tjpollo tjpollo Oct 28, 2014 6:53 PM Flag

    Yes, and look at the corresponding price drop at today's opening.

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