I love my job. Basically, because I get bored easily and I need to keep my mind busy solving problems and with new challenges.
In my quest to help clients save capital gains tax I work with several different professionals and learn about some unusual cases. No names or specific details are exchanged - but I get to hear about cases that I may never personally come across.
For instance, a person owned land, and in fact lived on it, where oil was found. Some tests were done, and he had in fact a very promising oil well. A company who drills for oil offered him a lot of money in return for the rights to drill on his property. He was ecstatic of course, but faced a huge capital gain that year on his taxes. Through a private annuity trust, he was able to spread out that obligation, and in return now enjoys a significant lifetime income. Talk about a great situation to find yourself in!
I'll post another interesting story next time. Who would have imagined this scenario?
Paula Straub
Interview with the Pros -Educational Resource askpaula@savegainstax.com
