For the last few years, Emily Salveson has been touting a new model for investing in film. In interviews and in public appearances, she has said that the model was able to “solve the problem …
and invited her to participate in the panel at Cannes, lending her credibility and career support. Kessler did several drafts of the documents, but ultimately Kent Salveson said he was dissatisfied with the work.“I did a lot of work, and he didn’t like it,” Kessler says.
Kent Salveson’s site makes the same assurances, with one change: the word “Streamline” is replaced with “TCA” – for Tax Credit Attorney., Kent Salveson said that he has worked as an outside legal counsel for Streamline, but that his daughter deserves the credit for building the company. Just as with the solar energy investment, Streamline’s film investment model relies heavily on debt. A Streamline client might agree to purchase a film for $1 million. They can pay just a fraction of that as a down payment – say, $100,000 – and personally guarantee a loan for the remaining $900,000. That guarantee might never be exercised, but it can still be used to take a deduction for the full $1 million.
Emily Salveson has said that some investors are so pleased that they invest again – meaning they could repeatedly defer their tax obligations.Postponing taxation can be valuable, says another attorney who has worked for Streamline investors. “There’s a general adage,” he says, “as long as there’s inflation, tax deferred is tax forgiven.”
“Nowhere in any of the provided documentation, on the website or in any interviews or meetings with Salveson has Salveson been able to show that he has let the customer/investor know that when they sell the system back to him it will have no basis which will result in a taxable gain to the customer,” the IRS said.
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