Chris Prewitt

Christian, Husband, Father, Accountant, and Red Raider

[Chris Prewitt @prewittchris]

@dampedspring It’s tax deferred if the seller reinvests into USG bonds or certain diversified inv. funds within 60 days. Basis is carried over to new inv so when that’s sold, tax is due. Sale would be taxable if seller retains cash or buys non-permitted investments. See IRC 1043.

[Chris Prewitt @prewittchris]

@UrbanKaoboy Do you think China can execute the “beautiful deleveraging” Dalio described in his recent post?

[Chris Prewitt @prewittchris]

@aarondfrancis You had me for a brief second when I saw the accounting book. I’ll enjoy watching the next stage of your journey. Best of luck!

[Chris Prewitt @prewittchris]

@jimmymoncrief Adulting 101

[Chris Prewitt @prewittchris]

@JeffPassan Is the interest rate used to discount the CBA hit on the deferred money static or does it vary each year of the deal? If it’s static, then it’s a hat tip to the Dodgers finance team.

[Chris Prewitt @prewittchris]

@NewbergReport But Semien did go off and we’re WS champs.

[Chris Prewitt @prewittchris]

@Jomboy_ Did the home plate umpire call foul on Lowe’s dribbler? Will you do a breakdown please?

[Chris Prewitt @prewittchris]

@LanceZierlein @crashdavisjeff Lance - We had no idea you knew so many people around MLB and had such command of baseball strategy. Color me impressed.

[Chris Prewitt @prewittchris]

@NewbergReport I’ve been trying to find a t-shirt jersey for my kid but haven’t been successful yet.

[Chris Prewitt @prewittchris]

@fortworthchris @JillianMurrish Ask her to argue why and why not private credit firms should be regulated like a bank.

[Chris Prewitt @prewittchris]

@PeterZeihan Why doesn’t China invade western Russia to alleviate its oil and natural resource shortages or will China accomplish this through economic and political subjugation?

[Chris Prewitt @prewittchris]

@Levijameshere Windshield wipers.

[Chris Prewitt @prewittchris]

@fortworthchris How they balance complexity with the family’s desire and ability to operate the new structure that will facilitate the wealth transfer. EP isn’t a one time “thing” or transaction, but a new normal that must be operated correctly.

[Chris Prewitt @prewittchris]

@BigGameBoomer @TTUHoopsFans JMU 😂

[Chris Prewitt @prewittchris]

@NewbergReport I’d try to get him for 3/$50M, and prioritize value over shorter years. I’d wager someone offers 4/$70M. He’s insurable so maybe even up to $80M is the market’s thin or he is lights out in the playoffs (🤞🏻on the latter).

[Chris Prewitt @prewittchris]

@joshuamschultz You are not wrong. A bit of “shock and awe tone” throughout the slide, but overall message is spot on.

[Chris Prewitt @prewittchris]

@Levijameshere Did you ever find that snake?

[Chris Prewitt @prewittchris]

@aarondfrancis We had friends relocate to Traverse City, MI. Haven’t been yet but it’s supposed to be cool. Might fit what you’re looking for.

[Chris Prewitt @prewittchris]

@rohindhar The position is valid, 100%. Litigation centers around taxpayer not having time logs to prove they met 1 of 7 tests. Time logs shouldn’t be created only if an audit ensues, CPAs should make sure they exist when TR is filed. Grouping is critical too & on CPA do it right.

[Chris Prewitt @prewittchris]

@rohindhar You have to substantiate “material participation” on STR to take losses. A STR owner can offset losses against W2 income, but only if they materially participate by meeting 1 of 7 tests. It’s hard to meet the tests if a mgt company is hired. If self managed, it’s possible.