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Gameroom Magazine
SirPeale:
--- Quote from: missioncontrol on January 30, 2009, 01:13:07 pm ---
--- Quote from: Peale on January 30, 2009, 01:09:41 pm ---Here's what you do: "sell" them at a loss to someone. Say...Kevin Steele! Then they'll be his property, not the magazines. Then, rent storage space to Kevin. Say...the size of a magazine rack. $1.00 per year.
--- End quote ---
then in 15-20 when you get done busting big rocks into little rocks at Leavenworth for stiffing the gov't we can get out next issue...
--- End quote ---
He should check with his accountant first, but there's no reason that shouldn't be legal.
CheffoJeffo:
--- Quote from: Peale on January 30, 2009, 01:25:40 pm ---
--- Quote from: missioncontrol on January 30, 2009, 01:13:07 pm ---
--- Quote from: Peale on January 30, 2009, 01:09:41 pm ---Here's what you do: "sell" them at a loss to someone. Say...Kevin Steele! Then they'll be his property, not the magazines. Then, rent storage space to Kevin. Say...the size of a magazine rack. $1.00 per year.
--- End quote ---
then in 15-20 when you get done busting big rocks into little rocks at Leavenworth for stiffing the gov't we can get out next issue...
--- End quote ---
He should check with his accountant first, but there's no reason that shouldn't be legal.
--- End quote ---
Perhaps (IANATL) not illegal per se, but there may be offsetting (or worse than offsetting) entries in the tax ledger.
For example, he takes a capital loss as GRM, but makes a corresponding capital gain as KevSteele at the presumably higher personal tax rate ? Given the nature of the items involved, perhaps the second part would never make it to a declaration, but selling inventory at a loss to yourself would tend to open up a can of worms with the tax authorities as it is likely tax avoidance and potentially tax evasion and even if that wasn't true -- audits suck.
The answer, of course, is perfectly clear -- Kev should sell the inventory to me for $1!
missioncontrol:
I'm sure depreciation of stock fits in somewhere...
KevSteele:
I just do what my accountant tells me to, and write checks when I'm told to. When he calls from the Bahamas he's always really friendly...
shardian:
I was gonna make some comment followed with some ?!?!?!'s, but when you said Ohio, it all makes sense. Sure you don't pay food tax in Ohio, but they get you on the ground and gang beat you on everything else! At least, that's what I've been told.