Discussion in 'Professional Trading' started by rubibond007, Jan 2, 2006.

  1. Some guy told me that Baldwin was broke.
    and there's was a thread here in ET about the this topic I think.

    anyway, here's a video where we can see his Jet and his upper michigan masion.

    anyway, I wonder if those guys at the CBOT Financial Pits today (Options pits I guess) are making the kind of money that Baldwin,brumfield or kenyon and Mr Charlie D made in the 80's and 90'?

    here's the video.
    (need quicktime)

    house webpage.

    so for those who ask if Mr Baldwin is broke, mmm well I dont Think so.

  2. Maverick74


    You can look up his tax liens on his house on the internet. The guy owes about 500k to 700k on his liens. I don't think he is that comfortable right now.
  3. Ups! that,s hurts! :eek:

    I didnt know that mav.

    I just find this..

    The tax court, in Lucian T. Baldwin III, T.C. Memo. 2002-162, sustained the IRS' determination that S corporations owned by bond trader, Lucian T. Baldwin, were not profit motivated trade or businesses and were not entitled to various expense deductions. The taxpayer had purchased a 5,000-acre tract of real estate in northern Michigan which included four miles of Lake Superior shoreline. The property, known as Garnot Loma, included a large log cabin lodge and associated out buildings. He incorporated Loma Farms, Inc. (LFI) for the purpose of managing the property. The taxpayer had two other corporations, Baldwin Aircraft Corp (BAC) and Baldwin Commodities Corp. (BCC). BAC was formed for the purpose of owning and operating a Saberliner jet aircraft. BCC operated the taxpayer's commodities trading business. The taxpayer invited guests to stay at Garnot Loma and billed their stay to other corporations he owned without the guests' knowledge. He owned the property individually and insured it as a second residence. During the years at issue no one other than the taxpayer, his family, friends and other invited guests used the facilities at Garnot Loma or were transported to the aircraft owned by BCC.

    On audit, the IRS determined that neither LFI nor BAC was a profit-motivated trade or business and disallowed claimed expenses. The IRS further concluded that the taxpayer had to include in income the corporation's corrected income and disallowed BCC's lodging and travel deductions related to LFI. The tax court sustained the IRS' conclusions finding that, despite the taxpayer's stated intention of developing Garnot Loma as a commercial property, his primary objective was to use it as a vacation property for family. His occasional entertainment of business acquaintances did not support a conclusion that the property was used as in an activity engaged for profit. The court also rejected the taxpayer's assertion that he was not entitled to BAC' s pass-through losses because that corporation did not have a valid S corporation election on file with the IRS. The court, noting that the taxpayer had maintained that BAC had a valid S election until only a month prior to trial, found that the duty of consistency precluded him from making that claim in an effort to deprive the court of jurisdiction over issues raised in the case.
  4. Never get greedy when it comes to tax law.
  5. nkhoi

    nkhoi Moderator

    obviously he didn't have a good tax adviser, he should bought out some fail business like the grand tax master Warren instead.
  6. bolter


    Christ - no wonder he went broke. Who's got time to trade bonds when you can be fucking around with all your toys - planes, boats, bikes, 4WD's, canoes, cars, pool table. I didn't see a single Bloomberg in the house anywhere. What's with that?