TNT Call notes 18-March-2016
RayRen: [TNT Rap]. [audio checks] Greetings, good afternoon, TNT super-fantastic family! Welcome to our call on Friday, March 18, 2016. This is RayRen98 here. Itís mid-way into the month and we are still here where we didnít anticipate being.
Today feels like a dťjŗ vu for Wednesday Ė nothing hasnít really changed by way of really solid information. You may be hearing lots of things, but the information is limited from across the water. I am trying to find out if they had a demonstration today, because that was the plan, and the peaceful protests might turn evil if they didnít get their reforms. We still donít know to what degree the reforms have been implemented, whether it was enough to cancel the demonstrations.
On the East Coast, in the US, nothing seems to have changed either. The banks are still waiting for the lead bank, and I donít know what the process is there, so I donít know why itís no different than Wednesday after 48 hours. We donít have access to the people who can tell us whatís going on. There has been a lot of expectations, for sure, of 800 numbers being released, etc. I havenít received anything official from my sources; maybe they will contact me today, or maybe not at all. We are in a constant state of Ďwaití, without rush or hurry, and whatever is coming to us will come to us, in itís own time. Today would be nice, and yesterday would have been nicer. We cannot rush it, and we definitely can not stop it; we can only embrace it when it arrives.
Q: What do you feel is the most signification info you brought us this week? A: The announcement that economic reforms have been implemented, but I still donít know what that means. I know what we want it to mean!
Q: If there is a zim cap, it is better to put the balance into a foundation for humanitarian purposes? A: Sure, Iíd agree with that.
Q: Do you still have access to solid GOI info? A: Yes, I believe so.
Q: Have they expressed any concerns about the alleged political crisis? A: No.
Q: After we get the infield straight, has the umpire decided to play ball? A: I donít understand your question.
Q: Will we see this by the end of the month? A: Yes, I believe they want to get it done by the end of the month.
Q: Any chance of providing ranges for the rates, so we know what to shoot for? A: I think that these are just placeholder rates, so you pick what you want. I assume they will show you the rates on the screen, and if you have negotiation muscle to get higher than whatís on the screen, go for it! What do you have to lose?
Q: How hopeful are you that we are done and heading to the banks? A: very hopeful, just canít put our finger on exactly when.
Q: Do you have information that we have overlooked in asking you? A: No, I donít.
Q: When I ask the question, ďAre you a main foreign exchange center?Ē, most bank employees donít understand what I am asking. A: That gives you the answer, right there, unless the banks have a different vocabulary. Some branches will exchange currency, but other branches can do it all there; they donít have to call somewhere else, they do it all in-house. The others have to call elsewhere and send the money away.
Q: I have given currency with gift letters; can I exchange for them and send them the money because I have a chance of a higher rate. A: If you mean doing it in their name, you need a power of attorney. Otherwise, you are exchanging for you.
Q: Any update on the tax situation? A: No, no firm information either way.
Q: Is the Green Zone occupation/demonstration is taking place? A: I donít know if they have gone into the Green Zone or not. Weíre getting mixed information on that.
Q: If Iraq made that announcement about economic reform, why are they still demonstrating? A: As I said, to what level? If it is not to the level demonstrators wants, then they may still be demonstrating. They will continue to revolt until they have what they want.
Q: Do you think this is a smokescreen article listed in our forum? A: Iím not sure what that article is. I do believe an announcement was made in the mosque. Itís a broad statement and could mean a number of things, such as ďwe have decided to change the currencyĒ but you havenít changed it yet. We are getting mixed signals on the new cabinet members. Political stuff is confusing over there and I donít get involved.
Q: Some unintentionally purchased 500 billion zim, AB series. With this revalue the same as AA series? What about circulated vs. uncirculated? A: Pull out what you have in your pocket Ė that is US currency. If itís crisp and flat, that is uncirculated, and if itís crumpled and dirty, it is circulated. Doesnít make any difference to what they will buy. They have the same value. The only importance of uncirculated is if you are collecting it, not to use it. As far as I know, AB and AA are all being accepted for exchange.
Q: Is the Bank of America okay to exchange at? For WF, do you have to be a client before you make an appointment? Are the millions and billions of zim exchangeable?
A: Yes, BofA is fine, you donít need to be a client at WF, and all zim is exchangeable.
Q: A lot of people are saying that exchanges were being made last night, and we should be in the banks today. What is your take? A: I know there have been some private exchanges, but in terms of the overall RV, where are we now?
Q: How can we get the best interest rates? A: Ask the banks Ė ďwe have a CD at 2%, but if you leave X amount for Y time, weíll give you this higher rate.Ē Let you know they are receptive and they will share what they want you to know.
Q: When you said on Wednesday you would ask for three digits on zim, did you mean ore than $1.00? A: Yes.
Q: WF has locked me out of my account; will they exchange me? A: Even if WF doesnít like you, they will probably exchange you and say you need to move your money within 30 days.
941 caller: With what we can do tax-wise, I have heard you can write to the IRS and get an opinion for $1,500; maybe we should get together and contribute to such a letter so that we can find out what the tax situation is. You have evidence that people have been exchanging for 3-4 years, and through equal protection under the law they shouldnít be able to tax us differently, or if they tax us, we should get it back.
RayRen: I think you are talking about a letter ruling, and I belief they only apply to the individual, not to everyone across the board. Iíve never enquired because Iíve had no reason to, but that is my understanding from tax professionals, that the letter ruling doesnít necessarily apply to others in a similar situation. I guess we could find out if the letter ruling applies to other individuals, that might be something to pursue.
Caller: Also, when does the taxable event occur? If I buy a car for 100K, drive it off the lot and give it to a donation center, they have to give me a receipt based on the market valueÖ but the value has already decreased. Who assumes the taxable event? If I give my ministry the pink bills to my church, and they give me a receipt, then I can offset some of my tax with a donation.
RayRen: It doesnít work like that. You are confusing the issues. I am not sure how to get you on the right track, at least from what I see and belief.
Caller: I have 100 million dinar, say. I give half to my church, so they get 50 million and keep 50 million. They give me a receipt based on it being worth $10.
RayRen: You donít get the write off on the value, but on the cost basis. Itís not the same as the Ďfair market valueí of a car, itís based on what you paid for the currency originally. Itís not the same as giving them clothes or a car. Did you give them the dinar pre-RV or post-RV? If post-RV, you will get a receipt for the value in dollars, so you can take a 50 million dollar tax write-off? Good luck. Call the IRS and ask how that would unfold.
Caller: [repeating the same example]
RayRen: Letís say it revalued for 50 million, and letís say you have a 50 million dollar write-off. Then you have 50 million dollar value from your exchange, plus a receipt for a donation worth 50 million. You are not going to zero out, because 50 million will be your income for the year, and you can only write off up to 50% of it through donations. So if your income is 50 million, you can only write off 25 million, half of your adjusted gross income, by giving it to a charity. That is the normal process and you will still be taxed on 25 million, if we are taxed. You can carry forward the other 25 million to the next year, but you cannot reduce your tax burden to zero.
Caller: I will research and post on the forum, if that letter applies to others. Also, I have a caution about Vegas, Vegas, Vegas. In old technology, the only thing that stands between you and your money is a loved one who wants you back. [Huh?] But now we have access to money from our smartphones, etc. There are unsavory people who continue to listen to the calls or the forum, and they could cheat us or detain us if we donít hand over our money. We all have access to large liquid assets that we can access from our pockets.
RayRen: If those are your thoughts and beliefs, you can stay home instead of ruining our trip because of your own doubts and fears.
Next caller: I heard of someone recording the exchange process with a voice recorder. What do you think of that idea?
RayRen: I donít see the need; youíll have everything in writing, such as the agreement and receipts and bank balance after exchange.
Caller: [Appreciation] Vegas, Vegas, Vegas!
512 caller: I donít know where that guy was going with those tax questions Ė I couldnít even follow his reasoning. I think people are cracking up.
RayRen: I like that people bring their thinking because it may give the rest of us ideas that need to be explored.
865/404 caller: Some folks have been monitoring the mosques, and the configuration in the mosque is looking different, as if they are being set up for instructions. As for the announcement, was it just one announcement or have there been addenda?
RayRen: Nothing more has been said about the announcement or what it means. Our best sources are too close to the action Ė they will give us things and sometimes subject to our interpretation so it canít come back on them. The citizen in the street is still unhappy, we just donít know what they did today Ė whether they attempted to go into the Green Zone, whether the process has turned Ďevilí. We just donít have that information. Iíll probably know more by this evening, and by then we may be in the banks and wonít care!
Caller: We heard the UN and World Bank president will be in Iraq in a week Ė is that just ceremonial? Or will we have to wait for another week?
RayRen: I have not heard anything about things being put off for another week, especially considering the protests will turn evil if the people donít get what they want. We have not heard anyone going home, soÖ I donít see that date of the 16th being an indicator of delays. I know the demonstrations are still planned, just donít know the scale or magnitude. Even if we donít hear from our government sources, we will hear from the citizens on the street, when they report back to us.
Caller: [Appreciation] Vegas, Vegas, Vegas! And negotiate!
941 caller: That guy with the tax question doesnít know what heís talking about. As far as taxes go, Iíve been told and read that the dinar is supposed to be tax-free, but still you should money aside, because you never know. Anything else you can tell us?
RayRen: I canít think of anything to tell you that I donít want to tell you. I can think of some things that I canít tell you that Iíd like to tell you!
504 caller: The lower denominations, they are ready to be distributed in dinarland, right?
RayRen: Iíve heard they have actually been distributed in some areas.
Caller: The dong is in the first basket, right? Do they have lower denoms as well? Right now, a 500K note is only worth $25, but nobodyís talked about lower denominations after the value has changed. Can we RV dong without that?
RayRen: I donít know that Vietnam has any other currency; they have a workable currency right now. It would make sense that they would have lower denoms for the marketplace. I havenít heard anything about that, though. Something to think about Ė someone look into that and post it in the forum, please.
Caller: [Appreciation] Vegas, Vegas, Vegas!
406 caller: If I go into my bank, which is WF, and ask about exchanging currency, what do you think they will say to me? Iím afraid they will say ďSorry, we donít deal with that.Ē I mean dinar specifically.
RayRen: Quite a few people are still getting that response at their banks.
Caller: I went into a different branch six months ago, and they told me never to darken their door again, that they would never handle dinar.
RayRen: The question is, what do you believe? Just keep on keeping on.
580 caller: It sounds like we are really close. I talked to the Big Call people last night and WSOMN, and they both said we are done, there is no more to tell or to ask, we are just waiting on our appointments. They were having a celebration call, saying goodbye, and it looks like the rates are really high!
RayRen: Thatís what I said on Monday; weíre just waiting.
The information is what it is; we are waiting and thatís all we can do. Some of you were looking for things last night, this morning, maybe later today. We donítí have the answers some are looking for: we cannot create them, we cannot force them, and we canít stop them either. All you can do is make sure you are ready, so that when the moment comes to rock and roll, you wonít be saying, ďWait, I still have this to get done.Ē Get them done now! Call the banks to find out about structured settlements, and call the IRS to find out what the situation will be should you come into a large sum of money. How will this affect my lifestyle? Then you will know what plans to implement pre-RV and post-RV. If the information we are looking for comes in, we will tweet you and post it as quickly as we can. Until them, Iím going to do what you all need to do: just wait. Meanwhile, I believe.