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176. Does an Installment Sale Defer the Tax on Recapture of Accelerated Depreciation? No. Can the Tax on Recapture of Accelerated Depreciation Nevertheless Be Deferred When an Installment Sale Occurs? Yes.
162. Transfer a Family Business to the Next Generation During the Parent's Lifetime, Retain an Asset for Income, Give the Transferee a Stepped-up Basis, Defer the Gain on Sale, Support the Parent with Deductible Rent, and Finance the Transaction, Too
August 18, 2010
The cover story, "The Power Trip," by Jonah Lehrer for the Weekend Journal section of the Saturday/Sunday (August 14-15) edition of The Wall Street Journal (online.wsj.com/article/SB10001424052748704407804575425561952689390.html), said that nice people are more likely to rise to power, but "(t)hen something strange happens: Authority undermines the very talents that got them there."
I’m not a psychologist, but here’s my diagnosis anyway: it’s the "powerful person personality", or PPP.
In my experience—because I often have the role of seeking opportunity to explain something new—the PPP often is expressed this way: "I won’t take the time to hear what you have to say unless you will first tell me what you have to say." Or, "I won’t take the time to learn how it works unless you will first tell me how it works."
PPP often blinds the person to the illogic of those statements. The person with PPP often thinks that his or her position proves that he or she knows everything important that can be known that relates to his or her field, and therefore that it’s unlikely to be worth the time it would take to hear anyone who has less power.
PPP can be become present in anyone. I’ve had my moments myself. It can happen to a head of state, a head of a corporation, an officious bureaucrat, or anyone for whom success and recognition have gone to their head.
Besides being illogical and unattractive, PPP works against one’s own interests, because over time it is highly likely that the PPP will become isolated and out of touch. "Too big to fail" will prove to be very vulnerable indeed.
When I was a child, my parents often said, "Don’t get above yourself." It’s advice that is never out of date.—Stan Crow
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The Latest Installment addresses situations, questions and issues which are brought to us in the course of the consideration, negotiation or execution of transactions. We don't use the real names of parties to transactions, and we may edit the statement of the question to try to tell the story better. Please feel free to comment, or to take issue, or to raise your own question or situation. If you do the latter, please do not relate any confidential information.
The Latest Installment blog is edited by Stanley D. Crow, who is president of S.Crow Collateral Corp.