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To Divest or Not To Divest

Posted on December 14, 2016 at 9:50 PM

by Steluta Boeru E.A.

With the nomination or the election of an executive branch official (US President and his Cabinet), the Title 5 of the Code of Federal Regulations Part 2634 provides that such official should transfer title or dispose of financial interests that might be in conflict with his official responsibility (or divest).

Same regulation allows the official, his spouse and his dependents to apply the Section 1043 of the US Code, which recognizes gain on such disposition only if it’s in excess of the cost of “permitted property” (property that doesn’t raise the issue of a conflict of interests; i.e. US bonds, Federal Reserve Notes, or “diversified funds”) purchased in 60 days after the disposition. Usually this move means an enormous tax advantage to such officials.

 


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