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0 pointswhatshisface2d ago0 comments

You can get a loan from a bank against your assets and spend only the loan. I think that's how it goes to zero.

>So it's in theory possible that someone could make millions tax free from selling a business, but that's a rare case and one the tax code explicitly allows for.

These guys have whole offices working to figure out how their day to day expenses can be converted into stuff like "selling a business." ;-)

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jeffreyrogers2d ago

There have been a few proposals to close that loophole. The main reason it exists is because debt isn't counted as income since it has to be repaid.

whatshisfaceOP2d ago

Yes, even if it never is. But you have to realize that these proposals to close loopholes are massive tax increases, not technicalities.

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jeffreyrogers2d ago

There have been a few proposals to close that loophole. The main reason it exists is because debt isn't counted as income since it has to be repaid.

whatshisfaceOP2d ago

Yes, even if it never is. But you have to realize that these proposals to close loopholes are massive tax increases, not technicalities.

j / k navigate · click thread line to collapse