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In regards to liquidating the Alaska Permanent Fund, let me offer some suggestions and remedies to the perceived problems.
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If we could change the permanent fund into a mutual fund and distribute shares instead of cash, it would then be up to the individual to decide whether to hold onto or sell his or her shares.
If this were to take place, the stock and bond markets would not sell off prior to a liquidation, thus avoiding another problem.
Also, capital-gains taxes would have to be paid either by the state or the individual if there was a liquidation and cash payout, but if we all received shares instead of cash, it would be up to us to either hold them and not pay the taxes or sell them and incur a capital-gains tax, as with any other mutual fund.
I think many of us would hold the shares distributed to us. I know I would.