<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Saturday, August 16, 2014 8:41 PM</td></tr><tr><td>To:</td><td>Vincenzo lozzo</td></tr><tr><td>Subject:</td><td>Re: Taxes</td></tr></table>

taxes are variable friciton

On Sat, Aug 16, 2014 at 4:36 PM, V=ncenzo lozzo wrote:

So quick question for you: are taxes a trick=

Here's what I mean, I think (gut feeling - no proof) that there are pot=ntially a number of arbitrage/risk-free opportunities that are not tackled=by anybody because when you add in taxes you don't actually make money=

Is 'hacking' taxes a strategy? It seems like all the academic texts=leave that part for the reader which makes me think there's something =here.

Also I was reading a while ago that rentech was using a weird structure wit= Credit Suisse (iirc) where they were taxed on their profits as if i= was long-term capital gains instead of short-term.

Sent from my (phone

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