Estrategias impositivas

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Dalamar
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Estrategias impositivas

Mensajepor Dalamar » 08 Mar 2015 06:17

Tecnicas que utilizan los hedge fund y expertos para pagar menos impuestos:

1. Using basket options to convert short-term gains into long-term gains
2. Using collars to avoid paying capital gains taxes
3. Using wash sales to time the recognition of capital income
4. Using derivatives to convert ordinary income to capital gains or convert capital losses to ordinary losses
5. Using derivatives to avoid constructive ownership rules for partnership interests
6. Avoiding income taxes by deferring compensation


Iremos desgranandolas una por una:

Vamos a empezar con el mejor gestor de la historia, Jim Simons y la estrategia de la cesta de opciones: http://www.bloomberg.com/news/articles/ ... ws-irs-ire

The top federal rate on long-term capital gains, derived from selling investments held for more than a year, is currently 20 percent, compared with 39.6 percent imposed on wages and investments of less than a year. Before this year, the short-term rate was 35 percent and the long-term was 15 percent. The Medallion fund trades stocks and futures so frequently that, absent the tax maneuver, it would generate mostly short-term gains, said the people with knowledge of the matter.

Barclays bought a portfolio of stocks and other instruments that fund managers at Renaissance wanted to trade. The bank hired the fund managers to oversee the portfolio, paying them a nominal fee.

Then Medallion bought an option with a term of two years, whose value was linked to the worth of the portfolio. Renaissance had full discretion to trade the securities in the portfolio.

Medallion could claim it owned just one asset -- the option -- which it held for more than a year, allowing any gain to be treated as “long-term” when its investors reported the income on their personal tax returns.

Its flagship Medallion fund has returned about 80 percent annually before fees since 1988, according to the Bloomberg Billionaires Index.
Simons and other Renaissance employees own almost all of the fund. Medallion stopped new investments from outsiders in 1993 and kicked out most non-employee investors in 2005.
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Dalamar
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Re: Estrategias impositivas

Mensajepor Dalamar » 08 Mar 2015 06:31

La estrategia del Collar de opciones es mas casera:

A taxpayer owns 100,000 shares of XYZ stock which is currently trading at $100 per share. The taxpayer now purchases a type of option called a "put" from a bank which allows the taxpayer to sell 100,000 shares of XYZ to the bank in three years for $10 million. At the same time, the taxpayer sells a "call" option to the bank, which gives the bank the right to purchase 100,000 shares from the taxpayer in three years for $11 million.4 Thus, in this example, the taxpayer locks in $10 million of sale proceeds and, potentially, may receive $11 million.5 But the taxpayer avoids paying any tax now even though it has locked in the income.6

By comparison, a married couple earning $100,000 might pay a 25 percent income tax rate plus a 15.3 percent payroll tax rate (which counts the employee plus employer portions) on the wages they receive, or a combined 40.3 percent tax rate7 on each additional dollar of wages.


Digamos que para alguien como yo que puede estar unos años en un pais donde no se pagan impuestos y otros donde si, le puede venir muy bien para determinar cuando pagar los impuestos por "capital gains".

La estrategia simplemente consiste en comprar una put y una call para enviar este beneficio al futuro si estas en un momento en el que pagarias mas impuestos, claro que las sumas deben de ser lo suficientemente interesantes y las comisiones bajas para que compense la operacion.
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Dalamar
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Re: Estrategias impositivas

Mensajepor Dalamar » 08 Mar 2015 07:45

Otra estrategia muy interesante:

1. McDuck needs to turn his ownership of the property into a loan. So the partnership borrows $50 million and puts it into a new subsidiary partnership, which contributes the cash to yet another new partnership.

2. The newest partnership lends that $50 million to a finance company for three years, in exchange for a three-year note. (The finance company takes the money and invests it or lends it out at a higher rate.)

3. The original partnership distributes its interest in the lower-tier subsidiary to McDuck. Now, McDuck owns a loan note worth $50 million instead of the property, effectively liquidating his 50 percent interest.

4. Three years later, the note is repaid. McDuck now owns 100 percent of a partnership sitting on a $50 million pile of cash—the amount McDuck would have received from selling his stake in the real estate—without triggering any capital-gains tax.

5. While this cash remains in the partnership, it can be invested or borrowed against. When McDuck dies, it can be passed along to heirs and liquidated or sold tax-free. The deferred tax liability disappears upon McDuck’s death, under a provision that eliminates such taxable gains for heirs.
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Re: Estrategias impositivas

Mensajepor Dalamar » 08 Mar 2015 07:49

El sistema de wash sales consiste en saltarse la regla de los 30 dias americanas que no te permite vender para compensar ganancias con perdidas:

An investor has capital-gains income from a sold-off stock position. Separately, the investor has other shares that are down an equal amount; if he were to sell them, he’d realize a loss to offset the gains and pay no taxes. But no one likes to sell low. So he wants to use that loss without actually selling the shares. IRS rules prohibit investors from taking a loss against a gain and then buying the shares back within 30 days.

1. At least 31 days before the planned sale, the investor buys an equal value of additional shares of the underwater stock.

2. The investor buys a “put” option on the new shares at their current price and sells a “call” option. Now he’s protected from the downside on that second purchase.

3. At least 31 days later, the investor sells the first block of underwater shares. He now has his tax loss, without having taken any additional downside risk from the purchase of the second block of shares.
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madooeiei
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Re: Estrategias impositivas

Mensajepor madooeiei » 12 Oct 2015 08:50



Volver a “Renta variable”

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