These seem like a more plausible scenario as time goes on: The case for Musk driving Twitter to bankruptcy.
@adders In the US, there is no federal income tax on a business with an operating loss. His very substantial capital loss is also deductible to the extent of his basis, with a possible $3,000 loss deductible each year, the rest carrying over to the next year.
@adders Might be nice to bring back old-fashioned bankruptcy. In Vanity Fair, a well-off banker gets caught up in some bad deals, has to declare bankruptcy, and lives out his life in shame and obscurity, cared for by his inlaws. Those were the days.
@JohnBrady Yes, I know, good, honest people end up bankrupt, and I'm glad they can get a break. But if lawmakers wanted to stop strategic bankruptcies, I think they could.