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    • Wed Nov 26th 10:35 AM
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      Canadian Royalty Trusts Will Never Return to Their Former Glory
      Mr. Ward, those wonderful "tax pools" are interesting, but some CPAs I talk to think they are worth less to US investors than those investors think. While tax pools may eliminate the Canadian corporate tax for a few years, the dividedns paid to US holders will probably be fully taxable, not return of capital distributions. Why? The tax pools are made up of deferred Canadian tax deductions that would have been previously deducted in a US tax regime. The Canadian corporations do not keep US tax accounting records and thus their distributions will be deemed to be from "earnings and profits" in the US.

      Overall a well-written article. If you follow any finance board, you will find die hard CANROY enthusiasts who bluster, rant and attack in spite of facts and trends, so the negative response to your article is predictable. Your patience in responding to comments is commendable -- it is always nice to try to engage in discussion and education, even with an unruly class.
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    • Sun Sep 28th 14:03 PM
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      Fooling Around a Financial Black Hole
      Actually, the government has many reasons for fearing a meltdown, not least of which is that it has directed individuals to put their retirement money into the stock market.

      Plus, every private and public pension plan is invested in the stock market. As the value of plan assets decline, the ability of the retirement plan to meet its obligations is at risk.

      Millions of private and public pensions are thus at risk -- private pensions are covered in part by the PBGC (which is itself underfunded); government pensions are the problem of the state and local governmental units and new taxes would be one way to save them -- or reduced benefits.

      I suspect that the government has concluded that trillions of dollars could be lost in the markets and that $700 billion is actually cheaper for it (and the citizenry) than trying to figure out how to deal with the lost tax revenue and indigent retirees.

      My fear is that we have so many structural problems with government finances and living off of debt that this is just round 1 in a 15 round match. I hope the fighter survives 15 rounds.
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    • Fri Aug 15th 15:53 PM
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      Natural Gas & Wind Power - The Pickens Plan
      If the US shifted to solar, wind and NG, not only would billions of dollars not go overseas, but millions of jobs would be created in the US, natural resource energy profits that go offshore would be taxed domestically, real property taxes on domestic production would rise (helping state and local governments), international oil prices would drop (maybe Russia's war machine couldn't be paid for so easily after all).

      But we'd have to keep oil prices in the US elevated via taxes (like Europe charges) to prevent a creep back in to the oil demand cycle that has brought the US to its knees and will keep it there for decades unless action is taken.
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    • Sun Jul 27th 13:32 PM
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      The Benefits of Shifting to CNG for Fuel
      Nakedjay -- every fuel burned to produce energy has loss. But burning NG for electricity has the loss of energy in the NG as heat, loss due to transmission issues, loss due to inefficiencies in conversion of heat/steam to electricity. Then there is loss due to the heat and inefficiencies of the electric engine. Direct transportation use of NG should be more efficient than converting it to electricity in a powerplant.
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    • Thu Jul 17th 12:51 PM
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      The Quest for Marcellus Shale Exposure
      This table is nonsense. For example, it divides enterprice value by Marcellus acreage, but fails to take into account all of the other acreage owned by a company. CHK for example, has acreage in Hayneville and other areas, not just Marecllus. Assigning all of its EV to Marcellus acreage is misleading. The same holds true for many others.
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    • Sat Jul 12th 11:44 AM
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      Not Calling Crude Oil Prices a Bubble For Now
      Mr Pickens is a little late to the alternative energy party, but he is going into it full steam. No one energy source appears to do everything. Wind and solar probably won't power a jumbo jet, but they can power a lot of energy hungry devices. NG has great potential for powering transportation and could be adapted to hybrid use to maximize efficiencies in passenger autos. A combination of energy sources is the only way out of the oil dependency box at the moment and nothing is more important to the US than getting out of that box. If the dollars flowing out of the US economy for oil were being spent on domestically produced energy, the US and global economies would benefit.
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    • Sat Jun 28th 18:15 PM
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      High-Yield Canadian Royalty Trusts: What's the Catch?
      Once CANROY income is taxed by Canada, CANROYs will no longer withhold the 15% and Canadian taxes paid by the trust on its own income (as opposed to the current 15% tax imposed on the dividends of shareholders) will not qualify for a US tax credit and
      CANROY distributions will be taxed in the US like any other dividend.

      There is talk about "tax pools" and how that may change things somewhat. That has the potential to eliminate Canadian tax on income of a CANROY, rather like a loss carryover. However, even if the CANROY pays no tax due to tax pools sheltering its income, whether or not the distributions will be taxed by Uncle Sam remains to be seen.

      There is a tax concept of "earnings and profits" that applies to whether or not dividends are taxable distributions to a shareholder. The US and Canadian tax regimes are very different, and Canadian trusts aren't required to compute earnings and profits under US rules -- so who knows if the distributions will be taxed in the US or not? If a foreign corporation doesn't keep records of its earnings and profits in accordance with US tax rules, ALL of its distributions are probably taxable as ordinary dividends.
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    • Fri Jun 27th 14:20 PM
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      Isis Pharmaceuticals' Obesity Buster an Enormous Finding
      The notion that arterial plaque can be reduced could be pretty significant. Statins can reduce plaque buildup but I am not aware of any credible claims of reversal by statins, just a slowing of progression.

      If I could get reversal with no adverse side effects, I'd give it a "shot."
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