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http://deceptionbytes.com/jimmy-swaggarts-message-of-the-cross-examined/
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For Samsung heirs, little choice but to grin and bear likely $6 bln tax bill
June 5, 2014 5:00 PM ET
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SEOUL, June 6 (Reuters) - The heirs of ailing Samsung Group patriarch Lee Kun-hee face one of the biggest inheritance tax bills ever, and appear to have little option but to pay up.
By some calculations, Lee's 45-year-old son Jay Y. Lee, the group's presumed heir apparent, and his two sisters could be on the hook for about $6 billion in tax under South Korea's top level inheritance tax rate of 50 percent.
To put that in perspective, the United States expects to collect just $16 billion this year in estate and gift taxes - a levy that has long been a political bone of contention and which many rich Americans go to great lengths to minimise.
However, attempts by the Lee family to ease its tax burden could weaken its control over an empire it now runs through a complex structure of interlocking ownership - and risk stirring up public condemnation.
The elder Lee's assets, held mostly in shares of Samsung Electronics, the world's dominant smartphone maker, and Samsung Life Insurance, have a market value of around 13 trillion won ($12.7 billion). Depending on how the inheritance levy is applied, tax on those holdings could top 6 trillion won at current levels.
Because the shares are crucial to maintaining management control of the group's various affiliates, analysts say the family would aim to retain them even at great expense.
"The typical strategy is to adjust the amount of assets before death, take advantage of deductibles that are legally permitted or gift assets to push down the inheritance tax bill in advance. But at 6 trillion won, deductibles don't have much meaning," said Ku Sang-su, a certified public accountant at law firm Jipyong. "Once Chairman Lee passes, there aren't many options to reduce the inheritance tax."
The elder Lee, 72, was hospitalised last month following a heart attack. While his condition is said to be improving gradually, it is not clear whether he will be able to play as big a role in the conglomerate as he did in the past.
A Samsung Group spokeswoman declined to comment on succession planning.
The bill could be more than triple the 1.7 trillion won that South Korea collected in inheritance taxes in 2012. A National Tax Service official said the authority does no advance monitoring of potentially large payments.
RESTRUCTURING
The sprawling Samsung conglomerate, whose 2012 revenues accounted for more than a quarter of South Korea's nominal gross domestic product, appears to be accelerating a restructuring in anticipation of an eventual succession.
Samsung Everland Inc, a key holding company within the group, this week announced plans for an IPO, following a similar announcement last month by the group's IT solutions affiliate Samsung SDS. Both deals could help the Lee heirs raise cash to tighten their grip on group companies, and help pay the looming inheritance tax bill.
Both Hong Kong and Singapore, with sizeable billionaire populations, have done away with estate taxes in the last decade, although Japan, like South Korea, imposes an estate tax of up to 50 percent. In the United States, the top federal estate tax rate is 40 percent.
In South Korea, the tax has long been a headache for the seriously wealthy, such as the heads of the conglomerates known as chaebol that dominate the economy. Hyundai Motor Group and Doosan Group may also face costly successions.
Michael Shikuma, a Tokyo-based international tax and estate planner at U.S. law firm Morrison & Foerster, said there tends to be less use of estate planning in Asia. "In Japan, historically, tax planning has not really been considered something that's a patriotic thing to do," he said.
UNDER THE MICROSCOPE
The Lees have long prepared for succession in anticipation of the eventual transfer of control to the younger generation.
However, a series of manoeuvres that was widely criticised by civic groups and politicians means the group would be less likely to attempt any tax measures that might stir a public outcry, some analysts and tax experts said.
The elder Lee's three children acquired big stakes in Samsung Everland and Samsung SDS at prices far below market value during the 1990s in deals that were detailed during 2008-09 trials at which Lee Kun-hee was charged with breach of trust and tax evasion. He was found guilty of breach of trust regarding Samsung SDS, and tax evasion, and given a suspended 3-year jail sentence, but later received a presidential pardon.
The younger Lees' shares in Everland and SDS will likely be worth billions of dollars after the companies go public.
Lee Kun-hee's daughters, Boo-jin and Seo-hyun, both in their early 40s, are expected eventually to control the group's hotels and fashion businesses, respectively.
"Any tricks to try to skimp on the inheritance tax in the current public climate will lead to a huge backlash," said Chung Sun-sup, chief executive of research firm Chaebul.com. "The information is public and there is a consensus on how much the family should pay. If they try to pay 20-30 percent instead of half, would the public accept that?"
VICTIMS OF SUCCESS
Despite past measures to shift assets to the younger generation, the huge increase in market value of the elder Lee's holdings makes it virtually impossible for his heirs to do much to lessen the tax bill in advance.
But there are steps they can take to manage the payment.
The listings of Samsung Everland and SDS will provide them with resources to raise cash, either by selling shares or borrowing against them. They could also use shares they inherit from their father as collateral to meet their obligations.
Increasing dividends from affiliates and seeking a multi-year payment plan may also help reduce the pain, analysts say.
The family could also create charities and transfer portions of the elder Lee's stakes to reduce the tax bill. However, rules limit how much of a company can be given to charities, and tax experts said it was unlikely the younger Lees would try to control the group's various arms through a chain of foundations.
"I don't think the Korean people will accept the scenario in which the decision-making process for a publicly traded company is decided by a group of foundations controlled by the Lee family," said a tax expert at a major local accounting firm, who declined to be identified due to the sensitivity of the issue.
Tax experts said they expect the family to use a combination of methods to meet their tax burden in a way that the public perceives as legitimate.
"Without inheriting Chairman Lee Kun-hee's shares, the Lees will not be able to retain both ownership and control two generations from now," brokerage E*Trade Korea said in a report. "The problem is taxes."
($1 = 1023.1500 South Korean Won) (Additional reporting by Sohee Kim and Kahyun Yang; Editing by Tony Munroe and Ian Geoghegan)
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http://www.progarchives.com/mp3.asp?id=5974
A confidential informant has told investigators that he witnessed murder suspect Patrick Dewayne Murphy assault and rape Coralrose Fullwood at Murphy?s home in North Port. The informant says he was at the home ? two miles from where Coralrose?s body was found ? on the night she reportedly disappeared, Sept. 17. 2006.
The man said that three young girls and a boy were at the home and that a man at the home, Edward Chinnici, offered the children $10 to have sex with each other, according to a search warrant. Edward Chinnici videotaped that sex act, then the informant said he saw Murphy strike Coralrose and rape her. According to the search warrant Edward Chinnici also videotaped the rape and murder of Coralrose Fullwood, see link CLICK HERE.
The confidential informant, who has been speaking with detectives and agents from the Florida Department of Law Enforcement for months, also claims that an acquaintance of his later bragged that the girl?s killing was videotaped.
On June 10 2009, state agents and North Port officers raided a unit at North Port Self Storage that had been rented by Edward Chinnici and his wife, Cynthia. Inside, officials discovered cameras, DVDs, cameras, cell phones and dozens of movies ? from mainstream pictures like ?Meet the Parents? and ?Jumpin? Jack Flash? to hardcore pornography. Edward Chinnici is the worst of the worst he produced a ?snuff? film of a child being raped and murdered.
chinnicci
Edward Frank Chinnici DOB 12/25/1959 is a drug dealer, he is currently in the State of Flroida prison system at the NEW RIVER O UNIT doing 3 years for COCAINE-SALE/MANUF/DELIV, his inmate number is S19571, he is originally from Brooklyn New York.
NEW RIVER O UNIT PRISON
7819 N.W. 228th Street
Raiford, Florida 32026
Phone (904) 368-2500
FAX: (904) 368-2732
E-Mail: [email protected]
Edward Frank Chinnici DOB 12/25/1959, drug dealer, has an an extensive arrest history in Sarasota County on drug charges and no drivers license.
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Another strange dynamic to this Last Name Meaning business is that many of the gun fighters of the old west have last names that originated in West Riding in Yorkshire,which is where some of the battles between the Scots and Crown armies took place.The battle that the Stewart forces lost {Bonnie Prince Charly**resulted in the deportation of many on the losing side to America.So you see where I'm going with this...Racial memory? Fighting spirit in the DNA? There is something going on here but I haven't got all the puzzle pieces put together..
I do know that ghosts tend to inhabit wet areas more than dry areas...so I'm thinking some sort of generational spirit possesion.I do think that the worst sort of killers are possesed because the nature of some of their crimes is "beyond belief" What other explaination is there.
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http://prntscr.com/3sarii
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AdapterDeviceID: 0x0156
AdapterVendorID: 0x8086
Add-ons: ffextension%40weheartit.com:3.2.0,artur.dubovoy%40 gmail.com:5.9.1,pavel.sherbakov%40gmail.com:5.3.1, %7B972ce4c6-7e08-4474-a285-3208198ce6fd%7D:29.0.1,%7B394DCBA4-1F92-4f8e-8EC9-8D2CB90CB69B%7D:4.6.7,jid1-F9UJ2thwoAm5gQ%40jetpack:1.0.10.1,%7Bd10d0bf8-f5b5-c8b4-a8b2-2b9879e08c5d%7D:2.6.3
AvailablePageFile: 4648960000
AvailablePhysicalMemory: 406122496
AvailableVirtualMemory: 241885184
BIOS_Manufacturer: Insyde Corp.
BlockedDllList:
BreakpadReserveAddress: 42729472
BreakpadReserveSize: 37748736
BuildID: 20140506152807
CrashTime: 1402716510
EMCheckCompatibility: true
FramePoisonBase: 00000000f0de0000
FramePoisonSize: 65536
InstallTime: 1399875579
Notes: AdapterVendorID: 0x8086, AdapterDeviceID: 0x0156, AdapterSubsysID: 064b1025, AdapterDriverVersion: 9.17.10.2867
D2D? D2D+ DWrite? DWrite+ D3D10 Layers? D3D10 Layers+ WebGL? EGL? EGL+ GL Context? GL Context+ WebGL+
ProductID: {ec8030f7-c20a-464f-9b0e-13a3a9e97384}
ProductName: Firefox
ReleaseChannel: release
SecondsSinceLastCrash: 94367
StartupTime: 1402622664
SystemMemoryUsePercentage: 90
Theme: classic/1.0
Throttleable: 1
TotalVirtualMemory: 4294836224
URL: https://soundcloud.com/mtedenofficial
Vendor: Mozilla
Version: 29.0.1
Winsock_LSP: MSAFD Tcpip [TCP/IP] : 2 : 1 : %SystemRoot%\system32\mswsock.dll
MSAFD Tcpip [UDP/IP] : 2 : 2 :
MSAFD Tcpip [RAW/IP] : 2 : 3 : %SystemRoot%\system32\mswsock.dll
MSAFD Tcpip [TCP/IPv6] : 2 : 1 :
MSAFD Tcpip [UDP/IPv6] : 2 : 2 : %SystemRoot%\system32\mswsock.dll
MSAFD Tcpip [RAW/IPv6] : 2 : 3 :
RSVP TCPv6 Service Provider : 2 : 1 : %SystemRoot%\system32\mswsock.dll
RSVP TCP Service Provider : 2 : 1 :
RSVP UDPv6 Service Provider : 2 : 2 : %SystemRoot%\system32\mswsock.dll
RSVP UDP Service Provider : 2 : 2 :
MSAFD RfComm [Bluetooth] : 2 : 1 : %SystemRoot%\system32\mswsock.dll
useragent_locale: en-US
This report also contains technical information about the state of the application when it crashed.
foo-
I don't accept that axiomatically, does that mean I'm back out?
teacher -
Can you play nice and answer the question?
foo-
Have you established the premise?
teacher-
I am aware of the bandwidth you chose. Would JJ pick the same?
foo-For what? For what?
teacher-
foo, are you getting old enough to be..: oh I forgot the issue.
The discussion is what noise level is equal to a distortion product. In particular I picked a distortion product of 8500 hertz. Now Harvey Fletcher in the 1930-40s published work showing that as noise level increases mask also does up to a point. He also came up with a model of this based on bandwidth which are called critical bands. This was farther refined into equivalent rectangular bands. All of this is very basic to our understand of how we hear.
So when we want to do our design this is a very basic issue. Now does anyone want to sugged what equivalent bandwidth we should design around?
(Hint 1/3 octave around the target frequency of 8500 hertz would be a good guess although with a bit of research the number could be a bit more acurate.)
foo-
Socratic question: what's the elephant in the room that you're ignoring?
teacher -
What room are you talking about?
foo-
I can't answer for everyone else, but it's fairly clear to me what you left out. I assume it's the same for you and it's a deliberate trick.
teacher -
foo, ' ' likes to misinterpret things, set up a straw man and then knock it down. his response didn't get a single issue right.
It is completely untrue but:
Now I understand after abducted by aliens he spent years in a secret military mental hospital and after being released by signing a secret agreement he started to work as a man in black disinformation officer. Unfortunately his alcohol problem got the better of him and he had to go to a detox center three times before they gave up on him. Then to make matters worse, while on a drunken bing he tried to assault a witch who placed a very strong hex on him....
Hope he gets better.
Now about the elephant you keep seeing...:
Of course the krp he keeps repeating about electron propagation is his misinformation not mine, I at least label mine as such.
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The immediate problems of phono reproduction are not necessarily low noise performance, but how the overall circuit handles the input from the phono cartridge. As most know, there is a significant amount of high frequency output that comes from a phono cartridge, especially a MC type. This must be handled with care, or you will slew rate limit, or change the subjective character of the phono reproduce signal to something more compromised than you might think. Much of our effort up until now is finding the optimized way to handle a phono cartridge, with all its 'faults' and get the best sound quality possible. Dynamic headroom is a first consideration, for example.
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Understanding low noise design, in general, can be very useful. Perhaps not as useful as it once was, with analog tape recorders and phono stages, but good to know. However, it is NOT just a spec. where the lowest number gives you better sound. I have heard examples where reaching for the LOWEST measured noise, will give sonic compromises with an existing design. Now, can you have both good sound and very low noise? Yes, but it usually costs more, because it is more complex to implement (more parts, more current). Perhaps, it would be interesting to show where designers have gone wrong in the past, just for simplicity, or a lower noise spec.
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"C'est difficile. De t'aimer."