Quote:
Originally Posted by spk7951
Katez,
Maybe you can help me understand one thing. If the developer claimed a gain of $53M then I would assume, hate to use that word, he paid a tax on that gain. If so would not forcing the bonds to be taxable be a sort of double taxation?
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Welllllll,
Now you would be confusing our tax law with logic. 
In this case though, it is hard to tell what the developer paid taxes on given the complexity of the code. If he paid tax on his gain and the bondholders pay tax on their income, I don't see it as doubly taxing necessarily because one tax is on an investment gain and the other is on income from a security. Just don't get me started on estate taxes and tax on dividends though... we'll leave that for the political forum.
k
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