I explained and pointed out the omission in the computation of gain very concisely to my Manager, “All the items valued and included in the asset and equity basis are not represented in the sales price.” He understood and acknowledged my concern. So, we arranged a meeting with the valuation experts. I pointed out the very significant amounts that were identified and included in the basis computation, but for which no consideration had been given in the Fair Market Valuation. Yes, these could have been considered worthless and valued at zero, but if so, some explanation would be warranted. The Appraiser listened, paused, screwed up his face, looked up and said, “Let me think, Yes, I did it right, those items were properly considered and included.” I pointed to his report and the figures and said, “Where?” but I could see that was the end of it; if he would not admit to some omission, even in the smallest degree, no effective rational was possible, it was his report and if he wanted, it could be wrong.
I was tasked with verifying, on a test basis, tax returns of Multi-national Corporations. Under the law a corporation is a person, albeit not a natural one, accordingly they exercise tremendous power and influence. Moreover, they do not answer fully to any political authority as these were multinational entities and the intent of a corporate entity is virtually impossible to prove. These entities are generally representative of the people who control them, such that some may be excellent citizens with a national loyalty, while others can be corrupt and fodder for grand conspiracy theory. As to the verification of a tax computation and it’s underlying factual basis, a million here or there among a multi-billion dollar entity is insignificant. Nevertheless, a million dollars of legal fees can buy one a very robust defense, which is the salient topic.
A defensive position is generally an advantage in a conflict. In war the defender typically controls the high ground from an entrenched and fortified position. In politics the incumbent has such an advantage they are almost always re-elected. There is a well-known adage in football, “Defense wins games.” Economics may seem to be the outlier, as it could be considered a pure science, but in practice and real-world observation it too serves the premise that a defensive argument is most persuasive. So, how do these facts and conclusions impact our understanding of what is happening today?
When we are faced with outrageous assertions, suggestions, and even isolated events of absurdity we must remember that truth, historical practice, and an overwhelming majority of facts, events, and proven wisdom stand in defense of the things and people who proceeded us. We need not abandon reason, our principles, and the foundations of our success, because some loud, repetitive, and unaccountable persons are flapping their wings, stirring up dust, and cackling loudly like chickens in a pen.
When we hear the media and their democrat supplicants saying that we should abandon our borders along with its defenders in the Department of Homeland Security… When we hear the same proponents say that healthcare is a fundamental right of every American… When they say that our tax dollars should be spent to kill infants in their mother’s womb and pay for sex reassignment surgery for anyone in the military or prison… When they say that socialism is the best form of government for America… When they say that all the violence and hate in our society is due to our constitutional right to bear arms… We should recognize that these are the rantings of either idiots or wicked idiots who have little to no chance of prevailing unless we believe their lies and concede without a responding argument that is rooted in history like any good defense.
Categories: Current Affairs