Word: phantom
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...addition, victims who are part of partnerships, or small businesses, will be able to go back 5 years to recover investments and phantom monies. Previously, it appeared victims could only go back three years. With this new ruling, a theft loss deduction that creates a net operating loss for the taxpayer can be carried back five years and forward 20 years to generate a refund of taxes paid in other taxable years...
...handle this, but some things will be given up," Goldstein said. Those include, he says, the right to recovery by mitigation ("mitigating" or amending closed returns), claim of rights (a tax credit equal to taxes paid on Ponzi income to original investment), and amending returns based solely on phantom income (removing Ponzi or phantom income going back three years...
...hard to believe but, as in many nations, the domestic front matters more to Iranians than the phantom menace of Israel and the U.S. Iran's economy is crippled by debt and inflation and a government that has grown moribund and ineffectual. That is the real situation with which Iranians contend. Soraya Sharif, Melbourne...
...second is a "phantom income deduction," which allows you to remove the Ponzi income going back three years. But if you still have a loss, you can carry it forward (i.e., apply it as a deduction against future gains) until the full loss is made...
...fiscal side, most countries are rushing to pass stimulus bills to prevent the phantom of deflation from materializing itself: From developed countries like Germany to developing nations such as India and China, everyone seems to be doing it. By far the most publicized attempt has been President Obama’s euphemistically named American Recovery and Reinvestment Act, which flew through Congress a couple of weeks ago. But in measures like these hides perhaps the most pervasive economic threat to future global stability and prosperity: economic nationalism...