Replies to post #21077 on Hunt Gold Corporation (HGLC)

[ABIGIDIOT]

excellent first posting businessclub. a perfect time to jump in here !!!

considering hglc is.... well... on its last leg here, maybe your insight(s) can propel us to levels unseen upward in recent times.

thanks so much !!!!!!!!!!!

[Darth Trader]

Wrong. According to the IRS, there are specific requirements for filing and payment. Completely contrary to what you've stated here. Even if its sold at a loss....it still has to be filed for credit.

The filing is the issue at hand. We (as the shareholders and supposed to be the recipients of the Divs from the sale) have a right to know all information pertaining to the sale. At the moment, all we know is its sold for $65 M.

If the Divs would have been paid and the stock buy-back happened as stated (and the stocks cancelled) then this would not have been an issue, the SH's would have been paid. But since NONE of this has happened AND the company has NOT responded to SH's concerns publically OR made any valid efforts to resolve the matters, what are we to assume?

From a business perspective, what do you expect on your investment? PERFROMANCE? I do! Cheers, GLTY

[Texan77]

right if they do a 1031 exchange its defered

http://www.1031exchangemadesimple.com/

http://ezinearticles.com/?1031-Exchange-Rules-and-Requirements&id=46421

"FACTORS THE IRS MAY EXAMINE"
Real estate held as “stock in trade or other property primarily for sale” is excluded from the tax deferral benefits of IRC Section 1031. Stock in trade describes property which is included in the inventory of a dealer and is held for sale to customers in the ordinary course of business. The gain on the sale of this property is taxed as ordinary income.



SUBSTANTIATING THE INVESTMENT INTENT
To qualify for a §1031 exchange, a taxpayer must be able to support that their “intent” at the time of the purchase was to hold the property for investment. Listed below are some factors the IRS may review to determine whether or not the intent was to hold the property for investment. The burden of substantiating the investment intent is the responsibility of the taxpayer and the items below are not an exhaustive list but provide useful indicators in determining the taxpayer's intent.

The purpose for which the property was initially acquired.
The purpose for which the property was subsequently held.
The purpose for which the property was being held at the time of sale.
The extent of advertising, promotion of other active efforts used in soliciting buyers for the sale of the property.
The listing of property with brokers.
The extent to which improvements, if any, were made to the property.
The frequency, number and continuity of sales.
The extent and nature of the transaction.
The ordinary course of business of the taxpayer.
CAN A DEALER PERFORM AN EXCHANGE?
The fact that a taxpayer is considered a dealer does not automatically disqualify them from performing an exchange. A dealer may segregate assets that they intend “to hold for productive use in a trade or business or for investment” from their dealer property. Some dealers have been advised by their attorneys to form a separate entity, such as an LLC, specifically to hold title to property that may be able to qualify for an exchange sometime in the future.

[puppydotcom]

There can be multiple reasons why HGLC has not filed with the IRS about the 65m.

I believe they would have to file .. no matter what the reason was .. that's why they call it a filing ..

[janice shell]

You seriously believe there was ever any $65 million??

At most, they were just swapping Lumb's stock around.

[Buckey]

I think it is sagfe to say they never sold anything for $65 Million