Make that former tax deduction. Dallas Federal Judge Ed Kincaide has ruled that the poker-playing banker can’t deduct his huge claim on losses on Chinese debt. As a consolation prize, he will not be penalized for trying (because he did so on tax advice) and he can deduct $10 million in actual out-of-pocket costs. Me, I didn’t know the Chinese had any debt. Do they borrow to buy our debt?
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