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The guy who caught 756 owes the IRS $200k or more
ChadTower:
It is income, as they define income, because it is now an asset that can be used for things like collateral or can be sold for money, traded for goods, etc.
Income is not just money. It is anything of value that can be leveraged financially.
boykster:
same way as if you win a car in a raffle, you are now liable for the tax on the gain - the gain being the value of the car. Sure you "paid" for your ticket, but the difference in value between the car and the ticket you bought ($1 or whatever) represents a gain.
The gray area here is not whether or not the ball represents income, but how that income should be appraised. I would find it awfully hypocritical if the IRS taxes him on an estimated valuation of the ball (prior to an actual hard sale) when they require charitable donations to be written off (cars boats etc) at a valuation representing ACTUAL SALE price....
polaris:
--- Quote from: billf on August 09, 2007, 02:06:01 pm ---
--- Quote from: polaris on August 09, 2007, 02:02:47 pm ---
--- Quote from: shardian on August 09, 2007, 10:42:17 am ---I read that and it is total ---smurf-poop---. As far as the government is concerned, if he kept it, it's value should be the cost of the ball or ~$20. He should only be charged taxes if and when he sells it. This is dangerous territory IMO. Lets say I have a Mickey Mantle card that was handed down to me from my dad. If I had an article done on my collection and and IRS saw that, they could come and tax me based on fair market value if they wanted, even though the card has been and always will be in my families possesion. (hypothetical, I only wish I had a Mickey mantle rookie card)
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in the uk we have inheritance tax and you would be taxed on that card if it were in a will particularly, there is a massive con performed by the wealthy to avoid it though and most get away with it.
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So what is the con?
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you put them on a list stating they are available for public viewing when theyre usually just in peoples houses. by putting them on the list you dont pay the tax but they must be available to view ,its a con really as no one knows theyre available to look at, they should really be in museums but its a loophole thing.
a comedian mark thomas did a program about it and by annoying one guy so much by taking busloads of people in furry animal outfits to see all his pieces on the list, the guy eventually got pissed off having to sort out his art for public viewing and he just paid the tax, an estimated £400,000, it was very funny.
ChadTower:
Geez, that's a good way for the rich dude to decide it's easier to pay someone half that to kill you.
polaris:
--- Quote from: ChadTower on August 09, 2007, 02:21:19 pm ---
Geez, that's a good way for the rich dude to decide it's easier to pay someone half that to kill you.
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he is a conservative mp( which made it even sweeter) im sure the cash was a drop in the ocean to him but as bent as im sure he is , we dont quite have the mafia options here, the british way will be do get a dossier built up on him by mi5 to prove hes subversive and a threat, which i guarantee has been done to mark thomas, he knows how to annoy the right people.
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