OLD Media Moves

Buffett corrects CNBC’s bad reporting

December 14, 2012

Posted by Chris Roush

Billionaire investor Warren Buffett sent a terse e-mail to CNBC correcting an incorrect report, which the business news network later acknowledged on the air, reports Kaja Whitehouse of the New York Post.

Whitehouse writes, “In his rebuttal e-mail, a copy of which was provided to The Post by hedge-fund manager Whitney Tilson, Buffett said capital gains taxes don’t apply to estates.

“‘Mr. Kaminsky also made the statement that the estate that was a seller was better off by selling in 2012 than 2013,’ he wrote. ‘This, too, was incorrect.’

“He said capital gains are wiped out by stepped-up basis rules, with assets marked at their current fair-market value at the time of death.

“Buffett also blasted Kaminsky for saying his buyback was hypocritical on principal as Buffett is known to eschew buybacks.

“Buffett attached a copy of Berkshire’s 1984 annual report showing he has outlined conditions under which he would favor buybacks.

“CNBC anchor Melissa Lee read a correction late Tuesday that thanked the famed investor for ‘watching and setting us straight.'”

Read more here.

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