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Mark Cuban on bigotry: 'None of us have complete pure thoughts'

RJKarl said:
A Section 1033 profit could be less than the 20% capital gain he will have to pay?
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The point is that if it is an involuntary conversion he wouldn't have to pay any capital gains tax. But I don't think that applies here because he is getting money.
 
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DeaconCav06 said:
The point is that if it is an involuntary conversion he wouldn't have to pay any capital gains tax. But I don't think that applies here because he is getting money.
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The "Doesn't matter, got paid" exception strikes again.
 
IrishSlim said:
Another ascribed motive. I just ... I can't even ...
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Then why do you do it over and over?

Why is my opinion not understanding nuance when many others have the same opinion? Why are they "exploring" and I am not?

I saw the same things as they did from the same statements as they and came up with the same opinion.

I am not "ascribing" anything to you. It's exactly what you have done. You immediately discount what I say, because I say not due to the content of my opinion.
 
DeaconCav06 said:
The point is that if it is an involuntary conversion he wouldn't have to pay any capital gains tax. But I don't think that applies here because he is getting money.
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Could he make a case that he never intended to sell the team during his lifetime and defer tax obligations until then?

Here's another question- Due to the fact that he agreed to these terms in taking possession of the asset, would it still be considered "involuntary"? He knew this was a possibility under certain circumstances and agreed to the procedure in advance.
 
DeaconCav06 said:
The point is that if it is an involuntary conversion he wouldn't have to pay any capital gains tax. But I don't think that applies here because he is getting money.
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If he purchases acceptable replacement property within 2 years, then if it is an involuntary conversion isn't the same as an involuntary conversion into similar property, rather than money (at least to the extent of the purchase price of the purchased replacement property)? Totally not what I do, and I would be surprised if he actually could purchase similar enough property to qualify - my gut says any other kind of pro sports team would work, but I can't imagine any other league allowing him in, who knows though, maybe in Europe.
 
Wakelaw2006 said:
If he purchases acceptable replacement property within 2 years, then if it is an involuntary conversion isn't the same as an involuntary conversion into similar property, rather than money (at least to the extent of the purchase price of the purchased replacement property)? Totally not what I do, and I would be surprised if he actually could purchase similar enough property to qualify - my gut says any other kind of pro sports team would work, but I can't imagine any other league allowing him in, who knows though, maybe in Europe.
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Would it have to be in a similar business (sports) or could he buy into another entertainment business?
 
RJKarl said:
Could he make a case that he never intended to sell the team during his lifetime and defer tax obligations until then?

Here's another question- Due to the fact that he agreed to these terms in taking possession of the asset, would it still be considered "involuntary"? He knew this was a possibility under certain circumstances and agreed to the procedure in advance.
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I'm about 100% sure the IRS will make this argument if he tries to take advantage of 1033.
 
RJKarl said:
Would it have to be in a similar business (sports) or could he buy into another entertainment business?
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The code says "property similar or related in service or use," but I have no idea how similar or related they have to be. There's probably law on point, but this is WAY outside my wheelhouse.
 
Wakelaw2006 said:
I'm about 100% sure the IRS will make this argument if he tries to take advantage of 1033.
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Can you imagine the person who fields the V. Stiviano Private Letter Ruling request? #ohcanIpleasewritethefacts
 
I haven't read any of these articles, and haven't watched an NBA game in close to a decade. I'm just here for the indignation. An RJ rant to a thread is like seasoning to a steak. It makes something awesome out of something ordinary.
 
IrishSlim said:
It's been a while since I ventured over to the politics board, but does Jhmd always display such an inability to focus? There's pills for that.

I get that being angry at a lot of things makes for a lot of targets, but #dialogue requires staying on point, at least for a couple posts.
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Yes.
 
So maybe I'm off here, but JHMD, BKF, and RJ all agree on something?

What does that tell the rest of us?
 
Wakeforest22890 said:
So maybe I'm off here, but JHMD, BKF, and RJ all agree on something?

What does that tell the rest of us?
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Every time you're off, you spend three days vehemently denying it later. I wouldn't get ahead of myself if I were you.
 
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You don't have to agree with someone directly to state something that is almost identical to what they said.
 
Don't mind numbers. Still reeling from getting handled the other day. He'll rebalance after the weekend. The thunder shirt and white plastic cone will help.

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