Taxation of Financial Products, 2E

Book Description

Taxation of Financial Products is designed for all financial services professionals. It explains the basics of selected financial products and their income tax treatment. Chapters focus on federal income tax basics, mutual funds, annuities, stocks, bonds, life insurance and qualified plans. The information provided is comprehensive and up to date with current tax laws and figures, as well as planning strategies. Taxation of Financial Products is written in plain English, and provides the financial services professional with the proper information needed to help meet clients' financial objectives.

Material has been updated to reflect the changes made by the new distribution rules and the Tax Act of 2001, including updates to rules governing qualified plans, catch up contributions and simplification of required minimum distribution rules, and facts, figures, illustrations and examples have been updated.

If you are taking this course for CE, the CE exam will automatically be added to your basket when selecting CE credit. Certain states require that a proctor/monitor supervise the exam taking process.

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"You can't make the dead good again. We can only take a modicum of justice--a modicum of attempting to somehow right wrongs in a small way for those who are still alive." So remarked a Holocaust survivor on receiving compensation--small, but meaningful--for the tortures he had suffered six decades before. That compensation, for him and thousands of other victims, was a long time in coming. When it did, it was not done out of innate goodness on, say, the part of the banks of Switzerland, which had held billions of dollars deposited there by men and women who would not live to claim them--even though, financial journalists Authers and Wolffe are quick to remark, those banks were staffed by good and well-intentioned people. What compelled those banks, along with companies and governments throughout the world, to do so was massive legal action, a chain of class-action lawsuits that stretched out for half a decade, brought on by lawyers, victims, and civil rights groups in a dense storm of argumentation. In this careful, complex study, Authers and Wolffe detail how these actions took shape against very long odds. Their book is a fascinating case study in justice served--if, some critics continue to charge, too little and too late. --Gregory McNamee

Book Description

An extraordinary behind-the-scenes story of money, justice, and the fallout that remains from the twentieth century's worst crime.

In April 1996 a billionaire businessman pulled aside Hillary Rodham Clinton at a political fund-raiser in his Manhattan apartment. Handing Mrs. Clinton a magazine article on the secretive Swiss banks, Edgar Bronfman launched an emotional fight for the forgotten fortunes of the Nazis' victims. The First Lady took the bait, and with a simple call to her husband, set in motion a whirlwind of events that rewrote history and offered a last glimmer of hope to a dwindling number of elderly war survivors.

Backed by the White House, a small group of Americans embarked on an epic journey to pursue the debts owed to Holocaust victims for more than a half century. For five years they traveled from country to country and company to company, confronting those who profited from the war -- the bankers, insurers, and industrial executives who never fully acknowledged their companies' complicity in the Nazi crimes. Armed with class-action lawsuits and threats of economic sanctions, the disparate band of American lawyers, politicians, and Jewish groups fought fire with fire against some of the world's most powerful corporations and governments.

But what began as a moral crusade quickly degenerated into a bare-knuckled global battle that opened up painful debates about justice and how to achieve it. The demands for billions of dollars in restitution triggered bitter disputes over who should pay the survivors and who should receive the cash. Many Europeans dismissed the demands as blackmail.

The Victim's Fortune tells the remarkable tale of the Americans who cajoled, bullied, and squabbled their way across the world. It also reveals how Europeans first stonewalled, then nickel-and-dimed their way toward peace with the past.

John Authers and Richard Wolffe offer a spellbinding investigative account of this momentous international struggle, which has blazed a trail for future reparations settlements of every kind. It is a riveting political drama that captures the outsize personalities, ruthless tactics, and moral dilemmas surrounding the light over compensation, all unfolding against the backdrop of one of the darkest moments in human history.

Customer Reviews:

Epic Saga Of Redressing Justice Long Overdue.......2002-09-05

John Auteurs and Richard Wolffe have written a thorough, often mesmerizing, account on recent efforts to win compensation for Holocaust survivors from Swiss, German, Austrian and Italian banks and insurance firms and German and Austrian firms. "The Victim's Fortune" chronicles how an unlikely alliance of American Jewish leaders and lawyers successfully confronted these banks and firms, winning long-overdue compensation to those who had lost savings and life insurance policies to the Nazis and their allies or were slave laborers working for German and Austrian firms during World War Two. To their credit the authors wade successfully through an intriguing mix of characters, covering in separate chapters legal battles in Switzerland, Germany, Italy and Austria. This important book should be required reading by those interested in World War Two, The Holocaust, and present efforts in seeking compensation from those countries and individuals who supported Al Qaeda's dastardly terrorist attacks on the United States last year.

good read which brings 'boring' negotiations to life.......2002-08-02

The Victim's Fortune is a good read and it offers interesting insights into the compensation talks saga. It is written in the style of `barbarians at the gate,' i.e. it tells a story by following the people involved and the personal axes they have to grind.

At the time, I followed the news of the Swiss banks and German companies with half an eye, dismissing it as (tedious) legal blackmail. But this book, which fell into my lap by chance, brought the whole dispute to life for me, including yes the greedy lawyers but also the victims and companies who tried to do the right thing. As with everything, it is much more interesting when you feel you know the people involved. Contrary to a previous review, the authors do not simplify the conflicts or the characters, which is a strong point. The 'gossip' in the book is what makes it human, and a book about these settlements that does not take the human angle runs the risk of being exceedingly boring.

I also learned a thing or two about the grounds for compensation-the use of slave labor by daimler, even ford; and the arrogance with which insurance companies asked for a death certificate to honor life insurance of holocaust victims. As a victim says, 'at auschwitz, they didn't give death certificates.'

But it's not just for novices- those with a greater knowledge and interest in the compensation dispute will certainly find an extra couple of layers of intrigue and emotion.

The book is also about the difficulty of trying to compensate for something as profoundly horrific as the holocaust, the uselessness of monetary compensation.

For such a complicated issue, with so many actors involved, it is quite an easy and pleasant read.

An epic account of an epic struggle.......2002-07-30

The publisher says "John Authers and Richard Wolffe offer a spellbinding investigative account" of the international struggle to retrieve some of the debts owed to Holocaust victims for more than half a century by bankers, insurers and industrial executives. I rarely agree with a publisher's endorsement of abook but in the case of "The Victim"s Fortune" I can only agree with the judgement.
The authors meticulously give their sources for what participants say and do, and, by having visited many of the major protagonists are able to sketch accurate and very lively pen-pictures not only of people but of locations: there are 45 pages of notes and sources and a full index - the general reader may not need them but they are there to reinforce the veracity of the account.
It would have been easy to have been less than even-handed to some of the powerful characters encountered in the book: it is a tribute to the authors that they maintain an even keel while charting the reader through a variety of events which could easily have seemed an incoherent maelstrom. The story starts in 1995 and culminates in June 2001 when payments of $5000 begin to be made to the dwindling band of holocaust survivors. The six years saw the involvement of a swathe of characters, from Jewish leaders, lawyers, bankers, insurers, judges, to President Clinton and Christoph Meili, a security guard at UBS who found in the course of his patrol that key documents had been put ready in the shredding room. In return for his whistle-blowing he had to flee his native Switzerland when he received death threats and warnings that his children would be kidnapped, and make a home in USA, the first Swiss citizen ever to seek asylum there on grounds of political persecution.
It is a roller-coaster of a book with new, well-defined and important characters arriving in most chapters. It is a fascinating read both for the issues involved and the egos on display. I have only had time to read the book once and will certainly do so again. It is no exaggeration to refer to the epic battle over the debts of the holocaust: I am profoundly grateful to the authors for opening my eyes to the reality of how deals get made, who truly benefits in such a tangled web. Lawyers, companies, governments even, had their own agenda: the payment was too little, too late; to quote one former slave-labourer "if it had been earlier or larger, it would have been no more moral".
This book is a triumph and deserves to be widely read.

Too gossippy for a serious book.......2002-07-23

I thought "The Victim's Fortune" by John Authers and Richard Wolffe
(New York: HarperCollins, 2002) might help me understand the strange
process by which the Claims Resolution Tribunal goes about granting
awards to Jewish claimants for a small percentage of the money that
the tribunal decided to give them.

The book did no such thing. I read the first 106 pages which were filled with gossipy details about the many competing lawyers, dropping snide remarks about many of them along the way, especially Ed Fagan, whom the authors describe as a small-time personal-injury lawyer (even though Fagan was well enough off to afford having his office on the 84th floor of the World Trade
Center).

The book is also filled (up to where I stopped reading) with other
put-downs, such as the one where U.S. District Judge Edward Korman
tries to have the competing lawyers bury the hatchet by inviting them
to dine at Gage and Tollner, a non-Kosher Brooklyn eatery where poor
Israel Singer has to make do with a glass of water.

In the end, an award is hammered out. But there are many references
to a separate audit by a group headed by Paul Volcker, and to an
Independent Committee of Eminent Persons (ICEP). None of this is
explained. Nor is the process by which the ICEP determines who will
get what, whether the information is based on the Volcker audits, why
only 35% of the award is paid out while the rest is held back in case
of competing claims, even though claims were closed several years ago.

I now know a great deal about how some of these lawyers acted without
hope of being paid while others (Fagan is targeted here, along with
some others) are acting on a contingency basis. But I still know
nothing about the process in operation.

Starting on Page 107, the authors do their thing about insurance,
slave labor, property confiscations, etc. I could not bear to punish
myself any more.

Authoritative...and gripping.......2002-06-14

What a great book. Not only did I learn the intimate details of one of the most fascinating legal battles in recent decades, but I was thoroughly entranced. It reads like one of those great non-fiction legal thrillers that have come out recently, like A Civil Action. Full of incredible details, like the contents of hand-written messages passed across the table during furious negotiations inside grand Swiss halls, and incredible personalities: Al D'Amato, Edgar Bronfman, Bill Clinton, Jorg Haider...what more could you ask for!?!?

Billions for the Bankers bring War, Taxes and Debts to the People (The Real Story Of The Money-Control Over America)

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Billions for the Bankers bring War, Taxes and Debts to the People (The Real Story Of The Money-Control Over America)
Sheldon Emry
Manufacturer: Lord's Covenant Church
ProductGroup: Book
Binding: Pamphlet

Credit Ratings & Repair | Personal Finance | Business & Investing | Subjects | Books

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ASIN: B000MVTDUU

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5-1/2" x 8-1/2" BOOKLET

Is the Debt War Over?: Dispatches from Canada's Fiscal Frontline

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Is the Debt War Over?: Dispatches from Canada's Fiscal Frontline

Manufacturer: McGill-Queen's University Press
ProductGroup: Book
Binding: Paperback

Economic Conditions | Economics | Business & Investing | Subjects | Books

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ASIN: 0886452066

Appeal to Congress to refuse the proposed gift to Great Britain of over twenty-seven billion dollars

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Appeal to Congress to refuse the proposed gift to Great Britain of over twenty-seven billion dollars
Albert Henschel
Manufacturer: [s.n.]
ProductGroup: Book
Binding: Unknown Binding

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Over here stories
Montgomery Rollins
Manufacturer: Marshall Jones company
ProductGroup: Book
Binding: Unknown Binding

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This Book May Take Our Breath Away.......2007-05-27

"This book may take our breath away." So states the cover blurb from Walter Brueggemann on "Globalization, Spirituality, and Justice: Navigating the Path to Peace," released on April 17, 2007 by Daniel G. Groody. The basic premise is, metaphorically, that the global family has booked passage and is now aboard the ship of globalization and there is no turning back to the shore. The question we must ask ourselves, as passengers on this ship, is, "who is at the helm and where are we going?" As Gustavo Gutierrez quips, "Being against globalization is like being against electricity." We can't stop the ship, and one would question the wisdom of wanting to, but the issues of who's driving and where will we end up are legitimate.

The book begins by offering an overview of the dual nature of globalization--its inherent propensity for good, such as the triumphs of technology, and for ill, such as the tragedy of poverty. Perhaps more importantly, chapter one details where we have sailed on this ship so far. This chapter seeks to give a realistic picture of the world today and paints that picture by using the most current statistics available. These statistics were gathered from sources such as the World Bank, the United Nations annual Human Development and World Development reports, and the World Institute for Development Economic Research. It is staggering to learn that 19 percent of the global population lives on less than $1 per day, 48 percent live on less than $2 per day, 75 percent live on less than $10 per day, and, according to the World Bank, two-thirds of the population of the planet lives in poverty. The weight of these income disparities is compounded when one looks at the unequal distribution of wealth and our disordered spending patterns. According to an article in the December 2006 issue of "The Economist," half of all wealth is held by only 2 percent of the world's adults. The world spends almost as much money on toys and games as the poorest 20 percent of the population earns in a year, and four times as much on alcohol as on international development aid. The troubling area of military spending is also addressed.

The world picture, from the perspective of poverty and need is indeed bleak, but Professor Groody does not leave us in the grip of its reality with no hope. He is convinced that, while fully aware of the abuses committed in the name of religion throughout history, the gift theology can bring to the process of globalization is a navigation system that has the potential to guide us to a place of solidarity and peace, where if globalization is left to itself or to those leaders who are only motivated by profit we may run aground on the icebergs of greed. As Groody notes, we are doing theological reflection all the time, but he argues that to find a place of human solidarity we must undergo a conversion from "money-theism" to monotheism. The remaining eight chapters of the book deal with how the various sub-disciplines of theology inform the process of globalization.

* Chapter two details the core narratives of the Bible--the Narrative of the Empire, the Narrative of the Poor, the Narrative of Yahweh, the Narrative of Idolatry, and the Narrative of the Gospel, integrating them all with the Narrative of the Passover.
* Chapter three challenges idolatry and excessive wealth through the words of the early church writers.
* Chapter four lays out an overview of Catholic social teaching with an acronym ("A God of Life") that provides a framework on which to hang the basic tenets. There are also several very useful charts that detail the documents of the universal and regional churches by categories of year, author, context, and key concept.
* Chapter five consists of a short section (five or six pages) on the basic social teachings of each of the major, non-Judeo-Christian, world religions--Islam, Hinduism, Buddhism, Bahai Faith, and African Indigenous religions. Here we see that social justice is not unique to Christianity.
* In chapter six the lives of five contemporary models of justice are briefly chronicled: Gandhi, Martin Luther King, Jr., Dorothy Day, Mother Teresa, and Oscar Romero. Attention is paid especially to their foundational experiences, the major metaphor of their life, their operative theology, and their core contribution to justice.
* Chapter seven reflects on God through the perspective of the poor by looking at liberation theology and the preferential option for the poor. This chapter is an especially helpful read for anyone who wishes to understand what is meant by these two terms and the position of the Vatican on liberation theology. The global perspective is readily apparent again in this chapter as attention is paid to Black, Hispanic, Feminist, and Asian liberation theology.
* Chapter eight concerns the rite of the liturgy, and justice as living in right relationships with God, self, others, and the environment. This chapter also has several nice charts that are helpful in linking the sacraments to social teaching by way core issue.
* The final chapter on spirituality and transformation beautifully sums up the book by looking to the spiritual disciplines which can strengthen us for doing the work of justice in the world: fasting, prayer, community, solidarity, nature, simplicity, recollection, and Sabbath.

Each chapter begins with a relevant story, and ends with a set of questions that would be helpful for personal reflection, group discussion, or classroom use, and a detailed bibliography for further reading and study.

I recommend Globalization, Spirituality, and Justice for upper level undergrads and graduate students in theology, peace studies, political science, ethics and justice, and economics and business, as well as justice groups, and the general reader interested in this vital and timely topic. Groody has managed to research and write a compelling treatise on global injustice without conveying a bleak and hopeless message. At its core, this book seeks to respond to the deeper issues of the human heart that globalization has largely left unexplored--questions related to belonging and loneliness, good and evil, peace and division, healing and suffering, meaning and meaninglessness, hope and despair, love and apathy, justice and injustice, freedom and slavery, and ultimately life and death. He is not interested in overwhelming readers with guilt, but rather with guiding readers to examine our personal and corporate lives and motivations, all the while encouraging us to think beyond ourselves to the needs of our brothers and sisters in the global family. The book is clear and well documented, exquisitely written, and sings a wonderful melody of the gratuitousness of God that is both a gift to and a demand on our lives.

Sustainability, Growth, and Poverty Alleviation: A Policy and Agroecological Perspective (International Food Policy Research Institute)

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Sustainability, Growth, and Poverty Alleviation: A Policy and Agroecological Perspective (International Food Policy Research Institute)

Manufacturer: International Food Policy Research Institute
ProductGroup: Book
Binding: Paperback

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Developing countries are under enormous pressure to produce more food for their growing populations, conserve natural resources, and reduce poverty. In the short term, however, these objectives may compete with one another.

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Bhalla versus the World Bank: an outsider's perspective. .(Imagine There's No Country--Poverty, inequality and Growth In the Era of Globalization)(Book Review): An article from: Finance & Development

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Bhalla versus the World Bank: an outsider's perspective. .(Imagine There's No Country--Poverty, inequality and Growth In the Era of Globalization)(Book Review): An article from: Finance & Development
Jeromin Zettelmeyer
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Book Description

This digital document is an article from Finance & Development, published by International Monetary Fund on June 1, 2003. The length of the article is 2985 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Bhalla versus the World Bank: an outsider's perspective. .(Imagine There's No Country--Poverty, inequality and Growth In the Era of Globalization)(Book Review)
Author: Jeromin Zettelmeyer
Publication: Finance & Development (Magazine/Journal)
Date: June 1, 2003
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Article Type: Book Review

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Development & Growth | Economics | Business & Investing | Subjects | Books

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Sustainability, Growth, and Poverty Alleviation: A Policy and Agroecological Perspective.(Review) (book review): An article from: American Journal of Agricultural Economics
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Citation Details
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Author: J. Edward Taylor
Publication: American Journal of Agricultural Economics (Refereed)
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Economic liberalisation, growth, and poverty: Sri Lanka in long run perspective (Discussion paper / Institute of Development Studies)

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