What is Your Position?

Good question. I'm sitting in T&E right now. No, seriously. I'm at the class.

You want proof? Um...we're talking about elephant tusks right now, if that helps. I don't know why. He's asking us the value of elephant tusks, and something to do with probate. Would I want to probate my elephant tusks? Maybe, I don't know. I've never probated an elephant tusk before, I don't know if it's worth it. Could be.

High basis. Maybe we want a high basis. Unless we've got a different client, then our interests will conflict. What? But I like high basis. If I can sell the tusk, the capital gains tax is lower than the estate tax, so I'd rather have a low basis. Or something.

And, the future tax is less onerous than the present tax. John is not picking a basis. When you do that, you are also setting the basis. It is very important to keep those two things separate.

T&E is hard, apparently.

UPDATE: Still in T&E. Some guy just sneezed the loudest sneeze in history. People are laughing. It's awesome.

UPDATE: Holy shit, I actually got called on. The one day I go. Actually, I was going to leave halfway through, when I still hadn't been called on, and only one problem remained for my section. I stayed on the off chance I'd get called on (and laziness, not wanting to move my stuff) and there it happened. Sometimes, life just works as it should.