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
jheapsandClaude Opus 5.5
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