jheapsandClaude Opus 5.5
0340c33bfb
Adds The Conversion Tax chapter. The tax is withheld in cash from each buyout payment, the rate schedule is locked on conversion day, brackets run on cash actually received, pre-bill gifts are added back to the lifetime ledger, and above-market side payments to former owners count as proceeds. It explains why taking the tax in kind was rejected (Koontz, Horne, Tyler). It also corrects the 1950s precedent (capital gains were capped at 25%) and states plainly how the recycled tax lowers what workers pay. Open problems now cover proceeds vs gains, treaty overrides and recession cyclicality. Co-Authored-By: Claude Opus 5.5 <[email protected]> Claude-Session: https://claude.ai/code/session_01GsSJ98117VXm9t7rBra5NX