PD CC 03/11/2011 @ 8:00am” “Peoples Dinar Call” Transcript
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8:00 PM [miss-ann] JoeP: today is a very very big day
8:00 PM [miss-ann] Q&A – star 6 to ask questions
8:00 PM [miss-ann] hold on Q&A
8:01 PM [miss-ann] 30 seconds of silence – reach up to whoever you admire and pray to for the people of Japan and everyone on the job who has been affected
8:01 PM [miss-ann] in the world
8:01 PM [miss-ann] a lot of info
8:02 PM [miss-ann] Steve: Ray’s intel – Ray could not be on call.
8:02 PM [miss-ann] spent some time and reflected on the last 3-4 weeks and shared what he has
8:02 PM [miss-ann] Wrote down 15 bullet points that are very significant of why we are where we are at and will come to fruition soon
8:02 PM [miss-ann] budget done and approved by parliament
8:03 PM [miss-ann] new rate of 3.10 to 3.20 announced by shabibbi
8:03 PM [miss-ann] lower denomss
8:03 PM [miss-ann] 13 treasury members in iraq working with MOF
8:03 PM [miss-ann] 13 members will remain in iraq until revalue completed and cash-in completed
8:04 PM [miss-ann] malikki announced in iraq TV that dinar will RV to over 3 dollars – citizens know
8:04 PM [miss-ann] they have something to look forward to
8:04 PM [miss-ann] next demonstrations will be more dramatic
8:05 PM [miss-ann] MOF is sitll waiting for final go-ahead and has assured parliament will have the new money in all necessary locations within 24-48 hours of revalue
8:05 PM [miss-ann] 3 remaining positions have ben picked and seated and waiting to be publicly announced.
8:06 PM [miss-ann] a lot of citizens in kirkuk are geting restless.
8:06 PM [miss-ann] all contacts are thinking days and not weeks
8:06 PM [miss-ann] next week is a great opportunity – feel confident it will take place before end of month
8:06 PM [miss-ann] or demonstrations will break out and destroy all progress they have worked for
8:06 PM [miss-ann] one week to really start to look forward to
8:07 PM [miss-ann] JoeP: notes from december 2010 – joe biden said the HCL, budget, census – items that needed to be completed from that speech
8:07 PM [miss-ann] budget done; HCL done, census done
8:07 PM [miss-ann] ministries have been picked but not announced
8:07 PM [miss-ann] we will hear that over and over again
8:08 PM [miss-ann] If we were supposed to know the names of these people, they would have told us. There is a reason why they have not toldus and we wait and are okay with that
8:08 PM [miss-ann] Kenneth: it all started on Monday – came to a head on Thursday7 – parlaiment had shouting match
8:09 PM [miss-ann] Malikki overhead that ordeal will come to an end on sunday. everything scheduled for monday-tuesday time frame , but another call said his gut is saying it is based on the WTO and malikki stall tactics are far over. Has a huge stake in this – people of iraq – demands being met. Progress has grown over last two weeks.
8:10 PM [miss-ann] Malikki overhead that ordeal will come to an end on sunday. everything scheduled for monday-tuesday time frame , but another call said his gut is saying it is based on the WTO and malikki stall tactics are far over. Has a huge stake in this – people of iraq – demands being met. Progress has grown over last two weeks.
8:11 PM [miss-ann] hearing it from people who are living it every days. Contacts work for government – brings home info and tells him.
8:11 PM [miss-ann] converstion that went on on way to airport – us official also involved – can’t wait to get state-side – family has bought into dinar
8:12 PM [miss-ann] Ally: I’ve seen a lot of exciting things happening.
8:12 PM [miss-ann] weird things at work – normally don’t happen. Add it all up – with the things that have happenedd before. Vacations have been cancelled and they will be paying overtime – never pay us overtime.
8:13 PM [miss-ann] they also hired 3 more tellers that we don’t need right now and also it does not make since at the current time right now unless they are planning on an influx of custoers, but right now we don’t have that.
8:13 PM [miss-ann] We also had our conference room – set up as a private office – we don’t need another office.
8:13 PM [miss-ann] in the banking world – strange phenomenons that are happening right now. Still have extras on hand and Delarue.
8:14 PM [miss-ann] Confirmation that some other banks are ready to go with the RV
8:14 PM [miss-ann] JoeP: No more vacations, overtime approved, more people coming onboard, and offices used in different ways – big news
8:14 PM [miss-ann] They are definitely ahead of the curve
8:14 PM [miss-ann] What the family may not see on the outside of banks is what they are not supposed to see.
8:15 PM [miss-ann] Ally: More info today – hearing from peole in the know that even though we are being told the ministers are not seated, they are seated – just not announced. what we are reading is not always accurate.
8:15 PM [miss-ann] Million: articles -
8:15 PM [miss-ann] connect a big dot – iraq’s premire at world’s biggest tourism fair – berlin – with an iraqi stand – first time since sadaam
8:16 PM [miss-ann] iraq has come out – not just of one war but of many wars and the political unrest dating 30-40 years. Now everything is falling into place. This is announcement from the fair
8:17 PM [miss-ann] the GCC meeting for ministers is was on monday – iraq cabinet endorsed new reforms
8:17 PM [miss-ann] Kuwait – first meeting – iraq went to kuwait – they stated they were shaking hands but yet there were some things that needed to be taken care of paper-wise
8:17 PM [miss-ann] another meeting set up March 13-14 – Kuwait coming to Iraq – Kuwait will reopen its ? in Basra
8:18 PM [miss-ann] brittainwoods institute – 43 countries – july 1944 – meeting for brittenwood is to help countries that are destroyed from war
8:18 PM [miss-ann] WTO is coming up
8:19 PM [miss-ann] article that parliament is meeting on saturday and M is to address all reforms in detail
8:19 PM [miss-ann] JoeP: PD family – everyone is zoomed in on our call
8:19 PM [miss-ann] four of five more pieces of info
8:20 PM [miss-ann] for purpose of keeping people’s lives safe, security – we will not share.
8:20 PM [miss-ann] There is no RV info that we know . . . don’t go there
8:20 PM [miss-ann] conflict of events that is going on that puts us in a realy nice window
8:20 PM [miss-ann] keep your prayers going and chin up – things will get more clearly definedd for us
8:20 PM [miss-ann] Donnie R is with us and has some guests
8:21 PM [miss-ann] DonnieR: introducing 2 individuals that are part of my team. Good time to bring them in and see if we can get some Q&A going on.
8:21 PM [miss-ann] First is Mr C – he is a cpa
8:21 PM [miss-ann] Also MR R – an attorney
8:21 PM [miss-ann] People in my circle – CEOs – stretched from one end of this country to another
8:21 PM [miss-ann] Opinions about things that are going on – will be informative
8:22 PM [miss-ann] PD family – don’t get to know their names or where they live – don’t search them out
8:22 PM [miss-ann] Next phase is post-rv conversation
8:22 PM [miss-ann] They will help to the capacity that they can
8:22 PM [miss-ann] they hold high positions with very respectable companies – also invested
8:23 PM [miss-ann] time to start thinking post RV and making your plans
8:23 PM [miss-ann] Q&A session started
8:23 PM [miss-ann] 5000 callers on system
8:23 PM [miss-ann] 502 up
8:25 PM [miss-ann] Q: taxes – new laws coming about – dinar trade and so forth ?
8:25 PM [miss-ann] A: dinar will be capital asset
8:25 PM [miss-ann] will determine long-term or short-term rate long term will be 35%; short-term 15%
8:25 PM [miss-ann] JoeP: did our president – are going to the 39.6 short-term cap gains? currently 35% – is it going up?
8:26 PM [miss-ann] Mr C – did not get passed – still have 35% rate for 2011 and 2013
8:26 PM [miss-ann] JoeP: so extended tax cuts for 2 years?
8:26 PM [miss-ann] Mr. C – yes
8:27 PM [miss-ann] JoeP; let’s assume your cash-out window is 60 days; will experience some short-term and some long-term. If it is 30 days you have no choice; if it is six months you have a choice
8:27 PM [miss-ann] receipts will be critical as far as when you bought the dinar
= 35%….WILL NOT be taxed as capital gains……see you all later!
8:27 PM [miss-ann] Yes – any return will be highly scrutinized
8:27 PM [miss-ann] JoeP: what if you bought on ebay?
8:27 PM [miss-ann] Mr C – date of payment will be sufficient
8:28 PM [miss-ann] JoeP: if you are panicking about what ty put on his board – ty is not saying he iwll only cash out from licensed dealers – he is saying purchase from licensed dealers
8:28 PM [miss-ann] it is not mandatory that it comes from licensed dealers
8:28 PM [miss-ann] Mr C – yes – true
8:29 PM [miss-ann] sale will be capital asset – will not be ordinary income
8:29 PM [miss-ann] what if you are not a us citizen and bought dinar but are a legal resident?
8:30 PM [miss-ann] Mr. C if you have a passport and id you can cash out – no limit on cashing out – if citizen you have to cash out to us bank – if not us citizen rule would not apply
8:30 PM [miss-ann] JoeP: resident aliens of the us – you will have two options
8:31 PM [miss-ann] i’m not a licensed professional – so i will bite my tongue
8:31 PM [miss-ann] Q: what about those that paid cash and have no receipt?
8:32 PM [miss-ann] JoeP; if i bought some for my buddy and i don’t have a receipt – safer to go to bank or currency dealer?
8:33 PM [miss-ann] Mr. C – the issue becomes filling a fen104? form – you have to have documention of whther you are a resident – as long asyou meet qualifications on form – everything would be fine
8:33 PM [miss-ann] JoeP: those in that situation – don’t panic
and still retain the long term capital gain status?
8:33 PM [miss-ann] if possible i would get a docuent drawn up between you and who you bought it from – get it notarized
8:34 PM [miss-ann] as long as you are taking it to dinar trade or dinar banker – no receipt will be required – they just validate it there
8:34 PM [miss-ann] Mango – downside of not having receipt is that you cannot prove how long you have had the dinar
8:34 PM [miss-ann] Robin – if they are a contractor in iraq or serviceman in iraq?
8:34 PM [miss-ann] JoeP: we are just speculating . . .
8:35 PM [miss-ann] Mr. R – can’t hear him
8:36 PM [miss-ann] an assignment is a documnent where you would say that you are going to assign the interests in a piece of property to another individual.
8:37 PM [miss-ann] Mr. R – if you go on the internet – identify the property – have an exhibit and in the exhibit i would list the serial numbers of the dinar you are assignment
8:37 PM [miss-ann] do assignemnt – list serial numbers – get it notarlized
8:38 PM [miss-ann] 203 up
8:38 PM [miss-ann] Q: purchased most of my dinar from DT – but bought some from another source – money i received ws circulated dinar – is that imoprtant?
8:39 PM [miss-ann] it is used money – writing on it – got it straight from the bank – DT had brand new bills and these are not
8:39 PM [miss-ann] JoeP: you won’t have any issues trading it in because you can order circulate and uncirculated
8:41 PM [miss-ann] JoeP: is there a 5 million lifetime gift?
8:41 PM [miss-ann] Mr. C – yes – but constantly changing – needs to be looked at before you get money
8:42 PM [miss-ann] JoeP: how can another relative get money into their account?
8:43 PM [miss-ann] caller bought dinar in his name and is wanting to cash out and give it to his mother – asking how to do it
8:43 PM [miss-ann] JoeP: can he do trust-to-trust transfer no-taxed?
8:43 PM [miss-ann] Mr. C – probably not
8:43 PM [miss-ann] caller – once we cash in – do we pay tax right there?
8:44 PM [miss-ann] Mr. C – will have to pay estimated tax or with next year’s tax return – there will be significnt planning to take all the deductions you are entitled to
8:44 PM [miss-ann] caller – can you wire into charitable trust and save on tax
8:44 PM [miss-ann] JoeP: best to go to multiple events and talk to people in your area
8:44 PM [miss-ann] 661 up
8:44 PM [miss-ann] Caller Vick
8:45 PM [miss-ann] just said hello
8:46 PM [miss-ann] Ally – Steve called – important point – update from ray and him from tuesday – ray made compliment that they wanted M to come back in two days – confirmed he went back and fulfilled obligation – was there in wee hours of the night – another positive step
8:46 PM [miss-ann] 661 up
8:47 PM [miss-ann] went through ty to purchase dinar – have reserve – before treasury amendement where we cannot go from dinar to coins or ledger to ledger . . . .
8:47 PM [miss-ann] at that time I wanted to go ledger to ledger but cannot do that
8:47 PM [miss-ann] want to do trust or ? – how can i do that with new regulation
8:48 PM [miss-ann] got advice i could have some type of gifting pre-rv – gifting letter and get it notarized as the name of the trust or the CRT – no guarantee i will get it in a particular name – will do something unique so name is not selected – what do you think?
8:48 PM [miss-ann] Mr. C – do not transfer into charitable remainder trust until after it RVs
8:49 PM [miss-ann] caller – objective is for them to track a taxble event – not trying to avoid taxes -
8:50 PM [miss-ann] Mr. C – yu probably cannot contribute taxagble dinars in your trust before you convert them to dollars
8:50 PM [miss-ann] 720 up
8:50 PM [miss-ann] thank you family so much for everything
8:50 PM [miss-ann] 2 questions
8:52 PM [miss-ann] Mr. R – if you have time before the RV – get serial numbers you will gift – have formal letter notarized
8:53 PM [miss-ann] caller – have nevada c corporations – we are agents and therefore we are able to exchange dinars – but with 3rd party thing has that changed – what would be the percentage for a corporation
8:54 PM [miss-ann] Mr C see tax professional in your area
8:54 PM [miss-ann] JoeP from the rules i was reading – it does not appear anyone will be able to fund a corporation – it looks as if this will have to be done on an individual basis
8:55 PM [miss-ann] David: she would not have a problem in cashing in in a corporation name once she has the necessary paperwork that she has a position of substance in the corporation – prsident, ceo, chairman . . . . if cashing in – bank account should be in corporation name
8:55 PM [miss-ann] that is the case with DB – may be the case with DT
8:55 PM [miss-ann] got that from ty
8:56 PM [miss-ann] caller – my partner that said the corporation is onthe dinar and we are only doing exchanged
8:56 PM [miss-ann] David: will not change – insure you take paperwork that you and your partner have position of substance in corp – take assignment – get a local tax attorney to help you with that
8:57 PM [miss-ann] C corp will not be advantageous – may have to pay corporate taxes and taxes on disbursement if disbursed as payroll.
8:57 PM [miss-ann] JoeP – 15 more minutes
8:58 PM [miss-ann] 850 up
8:58 PM [miss-ann] can you tell me what differentiates the difference between a long-term investment vs. short-term investment
8:58 PM [miss-ann] Mr C – long-term – more than one year; anything less is short-term capital asset
8:58 PM [miss-ann] 919 up
8:59 PM [miss-ann] i have giving away dinar to friends, charities, churches – i have been giving my friends a receipt that indicates they bought the dinar from me – thought it would protect them when they purchased and protect against gift tax – am i wrong in this?
9:00 PM [miss-ann] Mr. R – a sale of the dinar would be looked at differently than a gift. if you really did sell them dinar and they paid for it and there is papertrail, that wuld be enough
9:00 PM [miss-ann] caller – so i’m okay – if i give them 25,000 and there is a receipt – i am protecting them
9:00 PM [miss-ann] JoeP: sounds like a good thing
9:01 PM [miss-ann] do you have any info about chapter 7 that might keep rv from happening
9:02 PM [miss-ann] JoeP: we want to keep that topic in the top of the minds of the un security council
9:02 PM [miss-ann] caller – so chapter 7 has not been lifted?
9:02 PM [miss-ann] JoeP: the remaining article to be lifted is 661; 833 also – both outstanding articles
9:03 PM [miss-ann] having said that – going back to december 15th – before vote i mentioned it would be hybrid resolution – not everything lifted – would have some remaining pieces
9:03 PM [miss-ann] those may have been lifted – we don’t know
9:03 PM [miss-ann] there was an article that david and i talked about the other day that they lifted all remaining restrictions back in january
9:04 PM [miss-ann] David – yes – it was an article – 80% of iraqi debt was either forgiven or ? – they would be the least indebted nation int he world pretty soon
9:04 PM [miss-ann] when i read the same article today – i assumed that kuwait does not want to be forgotten – assuming chapter 7 may have been lifted already – all issues are not all worked out
9:05 PM [miss-ann] meeting on 13th again on these issues – after the last meeting that M had in Kuwait – the article did say that on march 13th would meet the iraqi delegation to ratify issues
9:06 PM [miss-ann] JoeP: what david said is critical to all of us – if the reamining sanctions were lifted and we have not been told – article that said there is a 5-year reparation has some meat to it
9:06 PM [miss-ann] there is a lot more substance to the resoltuons of the two countries than simply defining borders, finding missing bodies . . .
9:07 PM [miss-ann] Kuwait – even though we gave them a thumbs up – you need to monitor iraq to make sure they comply with the agreements
9:07 PM [miss-ann] another caller – gift leter – excellent thread
9:08 PM [miss-ann] question is confusing . . . lost me
9:09 PM [miss-ann] JoeP: i am going to expect a formal declaration from the irs on how this is to be taxed
9:10 PM [miss-ann] Mr C – we would hope so
9:10 PM [miss-ann] JoeP; at some point they will have to give a declaration
9:10 PM [miss-ann] his point as to someone doing research and posting ont he board that it is ordinary income – did this person state he is a licensed tax attorney that can give tax advice
9:10 PM [miss-ann] caller – he is a licensed state tax attorney – i also discussed this wihth my attorney and cpa and they agreed
9:11 PM [miss-ann] JoeP: they will all have to defend this in a court of law if that is pthe position they take
9:11 PM [miss-ann] for those of you who do not know – i believe the GET team posted and discussed that there is a gruop that will file a suit immediately after the RV for an immediate declartion of tax – something will happen pretty rapidly
9:12 PM [miss-ann] JoeP: i am going to defer to the largest taxable event possible – that is my position
9:13 PM [miss-ann] Mr C – the first thing once the RV has happened is that somebody – and it may be me – would request a private letter from the irs – you provide the details and situation of which you are cashing in and the irs would tell you how it is taxed. until we get that from the irs, 50% of the people think itis capital gains and 50% think it is ordinary income.
9:14 PM [miss-ann] JoeP: when you get the private ruling does that apply to everyone or is it individual
9:14 PM [miss-ann] Mr C – it is individual but it will apply to everyone in the same situation
9:15 PM [miss-ann] JoeP: ty has corrected site to say that trustee is the one who can deposit into trust if you have a trust . . . he will deposit the money into the trust provided you are the trustee with proper documentation
9:17 PM [miss-ann] caller – a charitable remainder trust is a very formal agreement – normally administrator of CRT and trustee and often same person – they should be able to turn in the dinars being held by the trust which have been gited by the grantor of the trust – there was some confusion today in the threads – i want to be sure for all of us who are doing CRT that there has not been some regulation that came out today that would throw a monkey wrench into CRTs – because it is a huge opportunity for us as individuals and for charities.
9:18 PM [miss-ann] Mr C – bill you have the perfect planning situation with CRT and timing of gifting – hopefully bill’s rules will stay in place and we can take advantage
9:18 PM [miss-ann] JoeP: Ali will be on our call on monday so make time to be here on monday and you can ask him that question specificadlly and that way you don’t have to worry – we will get to the bottom of it
9:18 PM [miss-ann] 785 up
9:19 PM [miss-ann] caller – feel like we’e getting the cart before the horse
9:19 PM [miss-ann] when is this thing going to happen – how definite that it willbe next week
9:20 PM [miss-ann] JoeP; caller has been in 3-4 years with a bagillion rumors – you become cynical – long answer to short question . . .
9:20 PM [miss-ann] when us forces occupied iraq it would have never rv’d – not in november of ’09 like some people write, not in july, not april in 2010 – not soverign country while occupied
9:20 PM [miss-ann] not going to rv until basal . yadda yadda yadda
9:21 PM [miss-ann] what is left to be done?
9:21 PM [miss-ann] is in your opinion only – is the completion of the govt the catalyst of the rv?
9:21 PM [miss-ann] caller – yes
9:21 PM [miss-ann] JoeP: if the BIS is not ready – if the ibc is not ready – if kuwait is not ready – is chapter 7 is not ready – how can you seat the govt too soon – so delay by design
9:22 PM [miss-ann] is suggest this is the most complicated event in the history of man speaking fiscally, economically – what this entails is beyond our comprehension
9:22 PM [miss-ann] 2011 budget that they cannot show us yet – why cannot they – that is insane
9:22 PM [miss-ann] we have proof they have run tests on the banking system
9:22 PM [miss-ann] we have new iraqi dinar information in this country
9:23 PM [miss-ann] confluence of events – have to think about prbabities
9:23 PM [miss-ann] we are in the highest probability window we have been in
9:23 PM [miss-ann] the reality is it appears that everything seems ready
9:23 PM [miss-ann] the wto
9:23 PM [miss-ann] the gcc
9:24 PM [miss-ann] the reactions to the peoples’ protest that was more violent than what they reported
9:24 PM [miss-ann] so it looks very very good that this month it will end – they are going to transition so it is a free-market economy
9:24 PM [miss-ann] they are in a situation now if they are opening their borders to free enterprise and investment – have to do it at rate higher than toilet paper
9:25 PM [miss-ann] May 1 – have to pay debts – furthest window i can possibly imagine
9:25 PM [miss-ann] don’t put any stock into M is a jerk – easy to point finger to head of state
9:26 PM [miss-ann] it is coming . . .
9:26 PM [miss-ann] 740 up
9:30 PM [miss-ann] sorry – lost internet temporarily
9:30 PM [miss-ann] JoeP: Bernacke in the feds?
9:30 PM [miss-ann] Guitner was old one
9:31 PM [miss-ann] i tend to think he is going to want as much as he can get – he is going to get our backs – not going to put US banking institutes under distress – think 90 days but prepared for 30
9:31 PM [miss-ann] caller – why are they wanting us to cash out so fast?
9:31 PM [miss-ann] JoeP: RV has nothing to do with us – has to do with their people in their streets
9:31 PM [miss-ann] you know that S has reduced the large bills
9:32 PM [miss-ann] when he talks about bringing out new bills – the decision is how fast they can do it in their borders
9:33 PM [miss-ann] once this hits the market – example – comes out at 1 dollar and a penny – let’s say S wants to call a trillion that are in our hands – so his debt is 1 trillion – knows it is going to go up in value – why pay more later when he can get it all out as quickly as he can so he knows what his debt load is -
9:33 PM [miss-ann] money will be worth more in four years than it is now – so why let you cash out later
9:35 PM [miss-ann] short-term is greater than long – you want the least possible taxation – if the window is long enough you play the game – if not choices are taken away
9:35 PM [miss-ann] some will want to go get lower denoms – much harder than people anticipate
9:36 PM [miss-ann] people will experience a lot of difficulty getting smaller bills – to insure this is pulled off – smaller denoms that are in market now will be replaced – everything that is old will have to go away -cannot hold those that you have now
9:36 PM [miss-ann] I expect all notes – no matter what they are – to be completely replaced.
9:36 PM [miss-ann] the biggest note they will have is probably 500 – all will go away
9:37 PM [miss-ann] okie was saying we used to have 1000 notes in us – still worth the same
9:37 PM [miss-ann] JoeP: they cn do whatever they want -
9:38 PM [miss-ann] North Vietname lopped money in fall of 09 – MOF executed publicly by govt for doing that – beheaded
9:38 PM [miss-ann] they can do what they want – they’re not westerners
9:38 PM [miss-ann] just be ready for whatever they decide
9:38 PM [miss-ann] last caller
9:38 PM [miss-ann] 904 up
9:39 PM [miss-ann] caller – i bought dinars for several people and with all the rumors – i have to cash in for all of them? if they have the dinar but i bought them – can they cash them in?
9:40 PM [miss-ann] MR R – need paper trail
9:41 PM [miss-ann] caller – don’t want to be responsible for taxes
9:42 PM [miss-ann] JoeP: if you have a document that says i bought it for him – notarized letter that says i sold it for him – now have papertrail he owns it – show original purchase – docujent showing he bought it from you
9:42 PM [miss-ann] don’t wait until after RV to have document drawn up
9:43 PM [miss-ann] big thanks – hope the family enjoyed talking to two professionals
9:43 PM [miss-ann] want to keep this going where we can get more concrete answers – some concrete and some made in balsa wood
9:43 PM [miss-ann] Mr C, Mr R -thank you – it has been a real honor
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The topic can be found here:
http://peoplesdinar.invisionzone.com/index.php?showtopic=16158
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8:00 PM [miss-ann] JoeP: today is a very very big day
8:00 PM [miss-ann] Q&A – star 6 to ask questions
8:00 PM [miss-ann] hold on Q&A
8:01 PM [miss-ann] 30 seconds of silence – reach up to whoever you admire and pray to for the people of Japan and everyone on the job who has been affected
8:01 PM [miss-ann] in the world
8:01 PM [miss-ann] a lot of info
8:02 PM [miss-ann] Steve: Ray’s intel – Ray could not be on call.
8:02 PM [miss-ann] spent some time and reflected on the last 3-4 weeks and shared what he has
8:02 PM [miss-ann] Wrote down 15 bullet points that are very significant of why we are where we are at and will come to fruition soon
8:02 PM [miss-ann] budget done and approved by parliament
8:03 PM [miss-ann] new rate of 3.10 to 3.20 announced by shabibbi
8:03 PM [miss-ann] lower denomss
8:03 PM [miss-ann] 13 treasury members in iraq working with MOF
8:03 PM [miss-ann] 13 members will remain in iraq until revalue completed and cash-in completed
8:04 PM [miss-ann] malikki announced in iraq TV that dinar will RV to over 3 dollars – citizens know
8:04 PM [miss-ann] they have something to look forward to
8:04 PM [miss-ann] next demonstrations will be more dramatic
8:05 PM [miss-ann] MOF is sitll waiting for final go-ahead and has assured parliament will have the new money in all necessary locations within 24-48 hours of revalue
8:05 PM [miss-ann] 3 remaining positions have ben picked and seated and waiting to be publicly announced.
8:06 PM [miss-ann] a lot of citizens in kirkuk are geting restless.
8:06 PM [miss-ann] all contacts are thinking days and not weeks
8:06 PM [miss-ann] next week is a great opportunity – feel confident it will take place before end of month
8:06 PM [miss-ann] or demonstrations will break out and destroy all progress they have worked for
8:06 PM [miss-ann] one week to really start to look forward to
8:07 PM [miss-ann] JoeP: notes from december 2010 – joe biden said the HCL, budget, census – items that needed to be completed from that speech
8:07 PM [miss-ann] budget done; HCL done, census done
8:07 PM [miss-ann] ministries have been picked but not announced
8:07 PM [miss-ann] we will hear that over and over again
8:08 PM [miss-ann] If we were supposed to know the names of these people, they would have told us. There is a reason why they have not toldus and we wait and are okay with that
8:08 PM [miss-ann] Kenneth: it all started on Monday – came to a head on Thursday7 – parlaiment had shouting match
8:09 PM [miss-ann] Malikki overhead that ordeal will come to an end on sunday. everything scheduled for monday-tuesday time frame , but another call said his gut is saying it is based on the WTO and malikki stall tactics are far over. Has a huge stake in this – people of iraq – demands being met. Progress has grown over last two weeks.
8:10 PM [miss-ann] Malikki overhead that ordeal will come to an end on sunday. everything scheduled for monday-tuesday time frame , but another call said his gut is saying it is based on the WTO and malikki stall tactics are far over. Has a huge stake in this – people of iraq – demands being met. Progress has grown over last two weeks.
8:11 PM [miss-ann] hearing it from people who are living it every days. Contacts work for government – brings home info and tells him.
8:11 PM [miss-ann] converstion that went on on way to airport – us official also involved – can’t wait to get state-side – family has bought into dinar
8:12 PM [miss-ann] Ally: I’ve seen a lot of exciting things happening.
8:12 PM [miss-ann] weird things at work – normally don’t happen. Add it all up – with the things that have happenedd before. Vacations have been cancelled and they will be paying overtime – never pay us overtime.
8:13 PM [miss-ann] they also hired 3 more tellers that we don’t need right now and also it does not make since at the current time right now unless they are planning on an influx of custoers, but right now we don’t have that.
8:13 PM [miss-ann] We also had our conference room – set up as a private office – we don’t need another office.
8:13 PM [miss-ann] in the banking world – strange phenomenons that are happening right now. Still have extras on hand and Delarue.
8:14 PM [miss-ann] Confirmation that some other banks are ready to go with the RV
8:14 PM [miss-ann] JoeP: No more vacations, overtime approved, more people coming onboard, and offices used in different ways – big news
8:14 PM [miss-ann] They are definitely ahead of the curve
8:14 PM [miss-ann] What the family may not see on the outside of banks is what they are not supposed to see.
8:15 PM [miss-ann] Ally: More info today – hearing from peole in the know that even though we are being told the ministers are not seated, they are seated – just not announced. what we are reading is not always accurate.
8:15 PM [miss-ann] Million: articles -
8:15 PM [miss-ann] connect a big dot – iraq’s premire at world’s biggest tourism fair – berlin – with an iraqi stand – first time since sadaam
8:16 PM [miss-ann] iraq has come out – not just of one war but of many wars and the political unrest dating 30-40 years. Now everything is falling into place. This is announcement from the fair
8:17 PM [miss-ann] the GCC meeting for ministers is was on monday – iraq cabinet endorsed new reforms
8:17 PM [miss-ann] Kuwait – first meeting – iraq went to kuwait – they stated they were shaking hands but yet there were some things that needed to be taken care of paper-wise
8:17 PM [miss-ann] another meeting set up March 13-14 – Kuwait coming to Iraq – Kuwait will reopen its ? in Basra
8:18 PM [miss-ann] brittainwoods institute – 43 countries – july 1944 – meeting for brittenwood is to help countries that are destroyed from war
8:18 PM [miss-ann] WTO is coming up
8:19 PM [miss-ann] article that parliament is meeting on saturday and M is to address all reforms in detail
8:19 PM [miss-ann] JoeP: PD family – everyone is zoomed in on our call
8:19 PM [miss-ann] four of five more pieces of info
8:20 PM [miss-ann] for purpose of keeping people’s lives safe, security – we will not share.
8:20 PM [miss-ann] There is no RV info that we know . . . don’t go there
8:20 PM [miss-ann] conflict of events that is going on that puts us in a realy nice window
8:20 PM [miss-ann] keep your prayers going and chin up – things will get more clearly definedd for us
8:20 PM [miss-ann] Donnie R is with us and has some guests
8:21 PM [miss-ann] DonnieR: introducing 2 individuals that are part of my team. Good time to bring them in and see if we can get some Q&A going on.
8:21 PM [miss-ann] First is Mr C – he is a cpa
8:21 PM [miss-ann] Also MR R – an attorney
8:21 PM [miss-ann] People in my circle – CEOs – stretched from one end of this country to another
8:21 PM [miss-ann] Opinions about things that are going on – will be informative
8:22 PM [miss-ann] PD family – don’t get to know their names or where they live – don’t search them out
8:22 PM [miss-ann] Next phase is post-rv conversation
8:22 PM [miss-ann] They will help to the capacity that they can
8:22 PM [miss-ann] they hold high positions with very respectable companies – also invested
8:23 PM [miss-ann] time to start thinking post RV and making your plans
8:23 PM [miss-ann] Q&A session started
8:23 PM [miss-ann] 5000 callers on system
8:23 PM [miss-ann] 502 up
8:25 PM [miss-ann] Q: taxes – new laws coming about – dinar trade and so forth ?
8:25 PM [miss-ann] A: dinar will be capital asset
8:25 PM [miss-ann] will determine long-term or short-term rate long term will be 35%; short-term 15%
8:25 PM [miss-ann] JoeP: did our president – are going to the 39.6 short-term cap gains? currently 35% – is it going up?
8:26 PM [miss-ann] Mr C – did not get passed – still have 35% rate for 2011 and 2013
8:26 PM [miss-ann] JoeP: so extended tax cuts for 2 years?
8:26 PM [miss-ann] Mr. C – yes
8:27 PM [miss-ann] JoeP; let’s assume your cash-out window is 60 days; will experience some short-term and some long-term. If it is 30 days you have no choice; if it is six months you have a choice
8:27 PM [miss-ann] receipts will be critical as far as when you bought the dinar
= 35%….WILL NOT be taxed as capital gains……see you all later!
8:27 PM [miss-ann] Yes – any return will be highly scrutinized
8:27 PM [miss-ann] JoeP: what if you bought on ebay?
8:27 PM [miss-ann] Mr C – date of payment will be sufficient
8:28 PM [miss-ann] JoeP: if you are panicking about what ty put on his board – ty is not saying he iwll only cash out from licensed dealers – he is saying purchase from licensed dealers
8:28 PM [miss-ann] it is not mandatory that it comes from licensed dealers
8:28 PM [miss-ann] Mr C – yes – true
8:29 PM [miss-ann] sale will be capital asset – will not be ordinary income
8:29 PM [miss-ann] what if you are not a us citizen and bought dinar but are a legal resident?
8:30 PM [miss-ann] Mr. C if you have a passport and id you can cash out – no limit on cashing out – if citizen you have to cash out to us bank – if not us citizen rule would not apply
8:30 PM [miss-ann] JoeP: resident aliens of the us – you will have two options
8:31 PM [miss-ann] i’m not a licensed professional – so i will bite my tongue
8:31 PM [miss-ann] Q: what about those that paid cash and have no receipt?
8:32 PM [miss-ann] JoeP; if i bought some for my buddy and i don’t have a receipt – safer to go to bank or currency dealer?
8:33 PM [miss-ann] Mr. C – the issue becomes filling a fen104? form – you have to have documention of whther you are a resident – as long asyou meet qualifications on form – everything would be fine
8:33 PM [miss-ann] JoeP: those in that situation – don’t panic
and still retain the long term capital gain status?
8:33 PM [miss-ann] if possible i would get a docuent drawn up between you and who you bought it from – get it notarized
8:34 PM [miss-ann] as long as you are taking it to dinar trade or dinar banker – no receipt will be required – they just validate it there
8:34 PM [miss-ann] Mango – downside of not having receipt is that you cannot prove how long you have had the dinar
8:34 PM [miss-ann] Robin – if they are a contractor in iraq or serviceman in iraq?
8:34 PM [miss-ann] JoeP: we are just speculating . . .
8:35 PM [miss-ann] Mr. R – can’t hear him
8:36 PM [miss-ann] an assignment is a documnent where you would say that you are going to assign the interests in a piece of property to another individual.
8:37 PM [miss-ann] Mr. R – if you go on the internet – identify the property – have an exhibit and in the exhibit i would list the serial numbers of the dinar you are assignment
8:37 PM [miss-ann] do assignemnt – list serial numbers – get it notarlized
8:38 PM [miss-ann] 203 up
8:38 PM [miss-ann] Q: purchased most of my dinar from DT – but bought some from another source – money i received ws circulated dinar – is that imoprtant?
8:39 PM [miss-ann] it is used money – writing on it – got it straight from the bank – DT had brand new bills and these are not
8:39 PM [miss-ann] JoeP: you won’t have any issues trading it in because you can order circulate and uncirculated
8:41 PM [miss-ann] JoeP: is there a 5 million lifetime gift?
8:41 PM [miss-ann] Mr. C – yes – but constantly changing – needs to be looked at before you get money
8:42 PM [miss-ann] JoeP: how can another relative get money into their account?
8:43 PM [miss-ann] caller bought dinar in his name and is wanting to cash out and give it to his mother – asking how to do it
8:43 PM [miss-ann] JoeP: can he do trust-to-trust transfer no-taxed?
8:43 PM [miss-ann] Mr. C – probably not
8:43 PM [miss-ann] caller – once we cash in – do we pay tax right there?
8:44 PM [miss-ann] Mr. C – will have to pay estimated tax or with next year’s tax return – there will be significnt planning to take all the deductions you are entitled to
8:44 PM [miss-ann] caller – can you wire into charitable trust and save on tax
8:44 PM [miss-ann] JoeP: best to go to multiple events and talk to people in your area
8:44 PM [miss-ann] 661 up
8:44 PM [miss-ann] Caller Vick
8:45 PM [miss-ann] just said hello
8:46 PM [miss-ann] Ally – Steve called – important point – update from ray and him from tuesday – ray made compliment that they wanted M to come back in two days – confirmed he went back and fulfilled obligation – was there in wee hours of the night – another positive step
8:46 PM [miss-ann] 661 up
8:47 PM [miss-ann] went through ty to purchase dinar – have reserve – before treasury amendement where we cannot go from dinar to coins or ledger to ledger . . . .
8:47 PM [miss-ann] at that time I wanted to go ledger to ledger but cannot do that
8:47 PM [miss-ann] want to do trust or ? – how can i do that with new regulation
8:48 PM [miss-ann] got advice i could have some type of gifting pre-rv – gifting letter and get it notarized as the name of the trust or the CRT – no guarantee i will get it in a particular name – will do something unique so name is not selected – what do you think?
8:48 PM [miss-ann] Mr. C – do not transfer into charitable remainder trust until after it RVs
8:49 PM [miss-ann] caller – objective is for them to track a taxble event – not trying to avoid taxes -
8:50 PM [miss-ann] Mr. C – yu probably cannot contribute taxagble dinars in your trust before you convert them to dollars
8:50 PM [miss-ann] 720 up
8:50 PM [miss-ann] thank you family so much for everything
8:50 PM [miss-ann] 2 questions
8:52 PM [miss-ann] Mr. R – if you have time before the RV – get serial numbers you will gift – have formal letter notarized
8:53 PM [miss-ann] caller – have nevada c corporations – we are agents and therefore we are able to exchange dinars – but with 3rd party thing has that changed – what would be the percentage for a corporation
8:54 PM [miss-ann] Mr C see tax professional in your area
8:54 PM [miss-ann] JoeP from the rules i was reading – it does not appear anyone will be able to fund a corporation – it looks as if this will have to be done on an individual basis
8:55 PM [miss-ann] David: she would not have a problem in cashing in in a corporation name once she has the necessary paperwork that she has a position of substance in the corporation – prsident, ceo, chairman . . . . if cashing in – bank account should be in corporation name
8:55 PM [miss-ann] that is the case with DB – may be the case with DT
8:55 PM [miss-ann] got that from ty
8:56 PM [miss-ann] caller – my partner that said the corporation is onthe dinar and we are only doing exchanged
8:56 PM [miss-ann] David: will not change – insure you take paperwork that you and your partner have position of substance in corp – take assignment – get a local tax attorney to help you with that
8:57 PM [miss-ann] C corp will not be advantageous – may have to pay corporate taxes and taxes on disbursement if disbursed as payroll.
8:57 PM [miss-ann] JoeP – 15 more minutes
8:58 PM [miss-ann] 850 up
8:58 PM [miss-ann] can you tell me what differentiates the difference between a long-term investment vs. short-term investment
8:58 PM [miss-ann] Mr C – long-term – more than one year; anything less is short-term capital asset
8:58 PM [miss-ann] 919 up
8:59 PM [miss-ann] i have giving away dinar to friends, charities, churches – i have been giving my friends a receipt that indicates they bought the dinar from me – thought it would protect them when they purchased and protect against gift tax – am i wrong in this?
9:00 PM [miss-ann] Mr. R – a sale of the dinar would be looked at differently than a gift. if you really did sell them dinar and they paid for it and there is papertrail, that wuld be enough
9:00 PM [miss-ann] caller – so i’m okay – if i give them 25,000 and there is a receipt – i am protecting them
9:00 PM [miss-ann] JoeP: sounds like a good thing
9:01 PM [miss-ann] do you have any info about chapter 7 that might keep rv from happening
9:02 PM [miss-ann] JoeP: we want to keep that topic in the top of the minds of the un security council
9:02 PM [miss-ann] caller – so chapter 7 has not been lifted?
9:02 PM [miss-ann] JoeP: the remaining article to be lifted is 661; 833 also – both outstanding articles
9:03 PM [miss-ann] having said that – going back to december 15th – before vote i mentioned it would be hybrid resolution – not everything lifted – would have some remaining pieces
9:03 PM [miss-ann] those may have been lifted – we don’t know
9:03 PM [miss-ann] there was an article that david and i talked about the other day that they lifted all remaining restrictions back in january
9:04 PM [miss-ann] David – yes – it was an article – 80% of iraqi debt was either forgiven or ? – they would be the least indebted nation int he world pretty soon
9:04 PM [miss-ann] when i read the same article today – i assumed that kuwait does not want to be forgotten – assuming chapter 7 may have been lifted already – all issues are not all worked out
9:05 PM [miss-ann] meeting on 13th again on these issues – after the last meeting that M had in Kuwait – the article did say that on march 13th would meet the iraqi delegation to ratify issues
9:06 PM [miss-ann] JoeP: what david said is critical to all of us – if the reamining sanctions were lifted and we have not been told – article that said there is a 5-year reparation has some meat to it
9:06 PM [miss-ann] there is a lot more substance to the resoltuons of the two countries than simply defining borders, finding missing bodies . . .
9:07 PM [miss-ann] Kuwait – even though we gave them a thumbs up – you need to monitor iraq to make sure they comply with the agreements
9:07 PM [miss-ann] another caller – gift leter – excellent thread
9:08 PM [miss-ann] question is confusing . . . lost me
9:09 PM [miss-ann] JoeP: i am going to expect a formal declaration from the irs on how this is to be taxed
9:10 PM [miss-ann] Mr C – we would hope so
9:10 PM [miss-ann] JoeP; at some point they will have to give a declaration
9:10 PM [miss-ann] his point as to someone doing research and posting ont he board that it is ordinary income – did this person state he is a licensed tax attorney that can give tax advice
9:10 PM [miss-ann] caller – he is a licensed state tax attorney – i also discussed this wihth my attorney and cpa and they agreed
9:11 PM [miss-ann] JoeP: they will all have to defend this in a court of law if that is pthe position they take
9:11 PM [miss-ann] for those of you who do not know – i believe the GET team posted and discussed that there is a gruop that will file a suit immediately after the RV for an immediate declartion of tax – something will happen pretty rapidly
9:12 PM [miss-ann] JoeP: i am going to defer to the largest taxable event possible – that is my position
9:13 PM [miss-ann] Mr C – the first thing once the RV has happened is that somebody – and it may be me – would request a private letter from the irs – you provide the details and situation of which you are cashing in and the irs would tell you how it is taxed. until we get that from the irs, 50% of the people think itis capital gains and 50% think it is ordinary income.
9:14 PM [miss-ann] JoeP: when you get the private ruling does that apply to everyone or is it individual
9:14 PM [miss-ann] Mr C – it is individual but it will apply to everyone in the same situation
9:15 PM [miss-ann] JoeP: ty has corrected site to say that trustee is the one who can deposit into trust if you have a trust . . . he will deposit the money into the trust provided you are the trustee with proper documentation
9:17 PM [miss-ann] caller – a charitable remainder trust is a very formal agreement – normally administrator of CRT and trustee and often same person – they should be able to turn in the dinars being held by the trust which have been gited by the grantor of the trust – there was some confusion today in the threads – i want to be sure for all of us who are doing CRT that there has not been some regulation that came out today that would throw a monkey wrench into CRTs – because it is a huge opportunity for us as individuals and for charities.
9:18 PM [miss-ann] Mr C – bill you have the perfect planning situation with CRT and timing of gifting – hopefully bill’s rules will stay in place and we can take advantage
9:18 PM [miss-ann] JoeP: Ali will be on our call on monday so make time to be here on monday and you can ask him that question specificadlly and that way you don’t have to worry – we will get to the bottom of it
9:18 PM [miss-ann] 785 up
9:19 PM [miss-ann] caller – feel like we’e getting the cart before the horse
9:19 PM [miss-ann] when is this thing going to happen – how definite that it willbe next week
9:20 PM [miss-ann] JoeP; caller has been in 3-4 years with a bagillion rumors – you become cynical – long answer to short question . . .
9:20 PM [miss-ann] when us forces occupied iraq it would have never rv’d – not in november of ’09 like some people write, not in july, not april in 2010 – not soverign country while occupied
9:20 PM [miss-ann] not going to rv until basal . yadda yadda yadda
9:21 PM [miss-ann] what is left to be done?
9:21 PM [miss-ann] is in your opinion only – is the completion of the govt the catalyst of the rv?
9:21 PM [miss-ann] caller – yes
9:21 PM [miss-ann] JoeP: if the BIS is not ready – if the ibc is not ready – if kuwait is not ready – is chapter 7 is not ready – how can you seat the govt too soon – so delay by design
9:22 PM [miss-ann] is suggest this is the most complicated event in the history of man speaking fiscally, economically – what this entails is beyond our comprehension
9:22 PM [miss-ann] 2011 budget that they cannot show us yet – why cannot they – that is insane
9:22 PM [miss-ann] we have proof they have run tests on the banking system
9:22 PM [miss-ann] we have new iraqi dinar information in this country
9:23 PM [miss-ann] confluence of events – have to think about prbabities
9:23 PM [miss-ann] we are in the highest probability window we have been in
9:23 PM [miss-ann] the reality is it appears that everything seems ready
9:23 PM [miss-ann] the wto
9:23 PM [miss-ann] the gcc
9:24 PM [miss-ann] the reactions to the peoples’ protest that was more violent than what they reported
9:24 PM [miss-ann] so it looks very very good that this month it will end – they are going to transition so it is a free-market economy
9:24 PM [miss-ann] they are in a situation now if they are opening their borders to free enterprise and investment – have to do it at rate higher than toilet paper
9:25 PM [miss-ann] May 1 – have to pay debts – furthest window i can possibly imagine
9:25 PM [miss-ann] don’t put any stock into M is a jerk – easy to point finger to head of state
9:26 PM [miss-ann] it is coming . . .
9:26 PM [miss-ann] 740 up
9:30 PM [miss-ann] sorry – lost internet temporarily
9:30 PM [miss-ann] JoeP: Bernacke in the feds?
9:30 PM [miss-ann] Guitner was old one
9:31 PM [miss-ann] i tend to think he is going to want as much as he can get – he is going to get our backs – not going to put US banking institutes under distress – think 90 days but prepared for 30
9:31 PM [miss-ann] caller – why are they wanting us to cash out so fast?
9:31 PM [miss-ann] JoeP: RV has nothing to do with us – has to do with their people in their streets
9:31 PM [miss-ann] you know that S has reduced the large bills
9:32 PM [miss-ann] when he talks about bringing out new bills – the decision is how fast they can do it in their borders
9:33 PM [miss-ann] once this hits the market – example – comes out at 1 dollar and a penny – let’s say S wants to call a trillion that are in our hands – so his debt is 1 trillion – knows it is going to go up in value – why pay more later when he can get it all out as quickly as he can so he knows what his debt load is -
9:33 PM [miss-ann] money will be worth more in four years than it is now – so why let you cash out later
9:35 PM [miss-ann] short-term is greater than long – you want the least possible taxation – if the window is long enough you play the game – if not choices are taken away
9:35 PM [miss-ann] some will want to go get lower denoms – much harder than people anticipate
9:36 PM [miss-ann] people will experience a lot of difficulty getting smaller bills – to insure this is pulled off – smaller denoms that are in market now will be replaced – everything that is old will have to go away -cannot hold those that you have now
9:36 PM [miss-ann] I expect all notes – no matter what they are – to be completely replaced.
9:36 PM [miss-ann] the biggest note they will have is probably 500 – all will go away
9:37 PM [miss-ann] okie was saying we used to have 1000 notes in us – still worth the same
9:37 PM [miss-ann] JoeP: they cn do whatever they want -
9:38 PM [miss-ann] North Vietname lopped money in fall of 09 – MOF executed publicly by govt for doing that – beheaded
9:38 PM [miss-ann] they can do what they want – they’re not westerners
9:38 PM [miss-ann] just be ready for whatever they decide
9:38 PM [miss-ann] last caller
9:38 PM [miss-ann] 904 up
9:39 PM [miss-ann] caller – i bought dinars for several people and with all the rumors – i have to cash in for all of them? if they have the dinar but i bought them – can they cash them in?
9:40 PM [miss-ann] MR R – need paper trail
9:41 PM [miss-ann] caller – don’t want to be responsible for taxes
9:42 PM [miss-ann] JoeP: if you have a document that says i bought it for him – notarized letter that says i sold it for him – now have papertrail he owns it – show original purchase – docujent showing he bought it from you
9:42 PM [miss-ann] don’t wait until after RV to have document drawn up
9:43 PM [miss-ann] big thanks – hope the family enjoyed talking to two professionals
9:43 PM [miss-ann] want to keep this going where we can get more concrete answers – some concrete and some made in balsa wood
9:43 PM [miss-ann] Mr C, Mr R -thank you – it has been a real honor
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