A True Size Trader
Once you're dubbed a size trader making some heavy coin is a mere by product. Certainly, we would expect anyone paying $172+ million in taxes to be a big time player.
Well friends, expectations can deceive.
We've all dreamed of running our own book at some point, haven't we?
Sitting on a beach somewhere, sipping boat drinks...hopping in and out of positions and making a few thousand a week. Sounds simple and grand, doesn't it?
Apparently, it's a bit harder to pull of if you are a garage band hopeful from Spain making a run at it in Alphabet City. Read about this boy genius and enjoy. If there were ever a better illustration of "a fool and his money" please upload the pic. I would like to see it.
It seems that young Marcos, (who's last name is a telling fusion of the head of "BofA" and the tail of "Merill") moved to NYC for a year to day trade in 2006. After crashing and burning out mama and papa's pesetas, the hipster hedgie high-tailed it back to Barca...
Becoming further proof that the IRS does not play and no matter how far you run, you can never get away.
For those curious as to what a $172,000,000+ tax bill looks like, here it is . Easily located right beneath the charmingly "boughetto" FB pic of Snr. Bofill.
I will refrain from commenting on the IRS. Anything else...would be uncivilized.
how would the irs just guess he made 172 mil in a year..........
Something to do with them counting every trade to be 100% profit because he filed to file his taxes correctly
They didn't...the $172mm is the bill...not to assumed income...which was like $500mm. Apparently the IRS tracked all of his trades and since he didn't report any loses they assumed it was all profit and charged him for it.
It would be rather funny if he did make that much and is playing it off that he had no clue about the IRS.
Regards
"Additionally, it is unknown what kind of an effect the IRS lien might have on Esparza Bofill’s credit rating."
Hilarious
I had the same thing happen to me one year... Ameritrade reported all my sales to the IRS, but not any of my buys. They made it look like I made a few hundred thousand in profit, when really I was down some coin. It was a bit of a shocker to get my letter from the IRS saying I owed them 40k, but sending them my list of trades for the year settled that down to nothing. Hopefully this broke genius/retard is better at filing paperwork than trading.
Hmmmm, Sounds like he has a good PR Team working for him. I wonder how I can get in touch with them to make it look like I can make 500m/yr
Fo anyone who doesn't know, just as an FYI. All of your Non-Qualified Account trades are reported on a 1099 to the IRS. The only thing that gets reported are the positions and size of the trade, the cost basis of the position is not reported by the brokerage firm/clearing house.
That part is up to you or your tax advisor when you are completing your taxes.
My favorite part of the story btw, was "Who is the IRS?" To which I would have replied.."Mofo... never you mind who I b. You best to break yo-self."
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