Certification program to facilitate the aquisition of investment personal property

• US 20070226117A1
• Filed: 03/12/2007
• Published: 09/27/2007
• Est. Priority Date: 03/13/2006
• Status: Abandoned Application

• Current Assignee: Paul Paray
• Original Assignee: Paul Paray
• Inventors: Paray, Paul
• Application Number:
  US11/716,780
• Publication Number:
  US 20070226117A1
• Time in Patent Office: Days
• US Class Current: 705/36.T
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/10 Tax strategies

Abstract

Information is obtained that leads to the acquisition of certified personal investment property for a tax-beneficial exchange. An intranet and web site shows items certified under the certification program which are available for exchange. At least one of the items is selected for viewing. The item is displayed on a display device for viewing. If both exchanging parties agree, the certified item is exchanged between the parties in a tax-beneficial exchange.

Claims

1. A method for obtaining information that leads to the acquisition of certified personal investment property for a tax-beneficial exchange, comprising the steps of:

accessing a web site listing a plurality of like items available for exchange;

selecting at least one item of said plurality of like items for viewing;

displaying said at least one item on a display device for viewing; and

acquiring said at least one item as a certified personal investment property for a tax-beneficial exchange.

2. The method according to claim 1, wherein a first layer provides a title and a registration number for said at least one item.

3. The method according to claim 1, wherein a second layer provides a textual description, including initial appraisal information, and a graphical representation of the one item.

4. The method according to claim 1, wherein a third layer provides further appraisal information and information concerning exchange requirements and available insurance coverages.

5. The method according to claim 1, further comprising protecting the anonymity of a plurality of transaction parties by only passing data required for identification of the item together with an identification token.

6. A system for obtaining information regarding certified investment personal property available for exchange, comprising:

a communications network; and

a network-enabled device, said network-enabled device configured to;

communicate via said communications network;

search a plurality of certified items available for exchange, select at least one of said plurality of certified items;

retrieve said at least one item from a storage medium;

display said at least one item for viewing, and

acquire said at least one item as certified personal investment property for a tax-beneficial exchange.

7. The system according to claim 6, wherein the items can be searched on a web site over the Internet based on a heuristic taxonomy developed to provide matches based on common themes as well as descriptions.

8. The system according to claim 6, wherein the system periodically sends an electronic message regarding a recently registered item of interest to a particular recipient based on criteria provided by the particular recipient.

9. The system according to claim 6, wherein information regarding at least one item is accessible for viewing on the display device in successive layers, each layer providing more detailed information about the item.

10. The system according to claim 6, wherein a first layer provides a title and a registration number for at least item.

11. The system according to claim 6, wherein a second layer provides a textual description, including initial appraisal information, and a graphical representation of the one item.

12. The system according to claim 6, wherein a third layer provides further appraisal information and information concerning exchange requirements and available insurance coverages.

13. A method for a prospective personal investment property exchangee to access information regarding items available for exchange over the Internet, comprising the steps of:

accessing a web site providing information regarding a plurality of items available for exchange;

searching the web site for at least one item of interest;

viewing a title and brief description of the at least one item of interest on a display device;

providing identifying information regarding the prospective exchanging party;

viewing detailed textual information and graphical representation regarding at least one item of interest on the display device;

paying a fee to the entity providing the information; and

viewing licensor contact information for at least one item of interest on the display device.

14. The method according to claim 13, wherein information regarding at least one item of interest is obtained via a computer.

15. The method according to claim 13, wherein information regarding at least one item of interest is obtained via a wireless device.

16. A method to locate investment personal property exchangees, the method comprising:

providing a certification program comprising a communication network on a fee basis; and

electronically receiving a notification, from an entity administering the certification program that an item has been certified and is available for exchange.

17. The method of claim 16, wherein the certification is based on the availability of an insurance product to mitigate against an adverse tax event.

18. The method of claim 16, wherein the certification is based on the availability of insurance to mitigate against property loss.

19. The method of claim 16, wherein the certification is based on the availability of insurance to mitigate against adverse title or false provenance.

20. The method of claim 16, wherein the certification is based on an approved appraisal.

21. The method of claim 16, wherein the certification is based on the availability of preferred vendors providing services for users of the certification program.

22. The method of claim 16, further comprising:

undertaking an acquisition decision;

accessing information regarding a plurality of vendors, the plurality of vendor comprising at least one vendor having certified vendor status.

23. The method of claim 16, further comprising providing the certification program, at least in part, via a public communication network.

24. The method of claim 16, further comprising providing the certification program, at least in part, via a private communication network.

25. A method, via a communication network, for a member to obtain preferred access to investment personal property, the method comprising:

electronically registering for a fee-based certification program provided by the entity, wherein the certification program comprises a database utilizing parsed and searchable data that includes non-traditional metadata regarding the item;

successfully locating a suitable item via the communication network; and

receiving, from the entity, a notification of the transfer process and available protections afforded to mitigate against the risks inherent in the exchange.

26. The method of claim 25, wherein the certification process is commensurate with the expertise possessed by the vendor affiliates who constitute the entity.

27. The method of claim 25, wherein the entity comprises a plurality of professional vendors who are in the professional services sector, including those utilizing wealth management services and fine arts and collectibles vendor services.

28. The method of claim 25, further comprising successfully utilizing the certification program, at least in part, via a public communication network.

29. The method of claim 25, further comprising successfully utilizing the certification program, at least in part, via a private communication network.

30. A system whereby an entity establishes relationships with vendors via a communication network, the system comprising:

an electronic management component, operatively coupled to the communication network, that administers a certification program on behalf of an entity; and

at least one database, coupled to the management component, comprising information indicating that an item has certified status and is available for exchange.

31. The system of claim 30, wherein the certification process is commensurate with the expertise possessed by the vendor affiliates who constitute the entity.

32. The system of claim 30, further comprising:

a financial transaction component, coupled to the management component that handles payments to the certification program vendors for participation in the certification program.

33. The system of claim 30, wherein the network interface communicates with a public network.

34. The system of claim 30, wherein the network interface communicates with a private network.

35. A method for determining a premium of an insurance policy for the tax indemnification of an exchange of investment personal property, said method comprising the steps of:

determining potential taxes due for said exchange if the exchange were to be executed in each of a plurality of possible jurisdictions;

determining a plurality of taxable event scenarios, wherein each scenario is based on the applicability of various local, state, federal and non-US tax laws as well as different appraised valuation of the object post-exchange, and wherein each scenario has a monetary sum;

determining a risk transfer element for each said scenario, said risk transfer element the unexpected tax results multiplied by a probability of actual occurrence;

determining insurer expenses for each said scenario, said insurer expenses being the present value of expected losses; and

adding the monetary value of these steps, for each scenario, and to calculate said monetary sum of each said scenario,

wherein said premium of said insurance policy is based on the adjusted sum and wherein this calculation is performed with a computer.

36. The method of claim 35, comprising the step of determining said premium based on the sum of said adjusted sum and an insurance profit value.

37. The method of claim 35, further comprising determining said premium by calculating any shipping costs due to execution of the exchange in each of the plurality of preferred jurisdictions.

38. The method according to claim 35, further comprising determining any tariffs due if the given transaction were executed in each of the plurality of possible jurisdictions.

39. The method according to claim 35, further comprising any additional costs incurred if the transaction is executed in the selected jurisdiction.

40. The method according to claim 35, further comprising enabling the exchangee and exchanger to select in which one of the plurality of possible jurisdictions to have the physical exchange of the item.

41. The method according to claim 35, further comprising ranking each of the jurisdictions based on the determination of potential taxes for the exchange.

42. The method of claim 35, wherein the self-insured retention or deductible is the amount determined to be equivalent to the expected insurer expense.

43. The method of claim 35, wherein said insurance policy is an existing insurance policy between said policy inception and termination dates.