Posted on 12/03/2021 7:20:05 AM PST by DUMBGRUNT
If all the declared value coins were accounted for then a simple fine for not storing the coins with a registered fiduciary would have been sufficient.
There appears to be no attempt to evade accountability. The law judge just destroyed their retirement assets and most likely made them paupers because he wanted to make an example of them.
It aint Exxon trying to evade taxes on a couple billion. It’s ordinary people trying to use their assets to get a better return.
Did you ever see the Cable TV series “American Gods”?...................
It is a bit of a stretch. It is all about whether the State must have the legal leverage to take its cut when funds are withdrawn.
They never sold the gold, so they did not take cash value out of the IRA. It appears the gold was listed as an IRA asset.
The Judge is simply saying the STATE must have control over the value in the IRA so as to insure it gets its cut when funds are withdrawn.
It is all about control, which is common for the IRS.
IRA rules are stringent. Folks need to know the rules before withdrawing from an IRA.
It amounts to who controls poseession of the gold. LLC, or living, breathing tax-owing human?
The law referred to doesn’t forbid storing gold at home, in a safe or otherwise.
Taxpayer said the gold is not under her personal control, (on paper it is property of LLC), so moving funds from IRA into gold, then to gold-holding LLC is not a taxable event.
Judge held this movement of assets to be a taxable event.
I agree that they should owe income taxes on the distributions of actual gold.
They had actual possession of the gold and could have sold/traded with it, which is no different than if I cashed out my IRA and put the cash under my mattress. I would owe income tax on it.
First rule of owning precious metals, don’t let the government know you have them! Same for firearms.
Bkmk
Good post. Thanks.
With all due respect, can you show me where the federal government gets its power to declare that a certain trasaction is a withdrawal from their IRA (where is “IRA” in that same document?) and is therefore taxable?
This madness all comes from the hundred thousand page tax code.
The legal basis is quite simple.
The IRA is a regulated government vehicle to put off taxes for retirement.
For tax purposes, this vehicle has to be heavily regulated and monitored.
Can’t monitor what is in your safe.
It was a bona fide withdrawal, subject to penalty and tax if you are under 59.5 years old.
I am going to purchase a new vehicle (taking delivery this month).
I need to make a withdrawal from my IRA to pay for it.
Since I need it for retirement I should not have to pay taxes on my withdrawal, correct?
Nope, I will have to pay taxes at the current rate for my withdrawal to purchase this vehicle.
They took a withdrawal and bought gold.
They owe the tax
The Wall Street / the investment industry must ALWAYS get its cut. The government gives advantages to you, but only through 3rd parties, because they act as police for the Government.
> There appears to be no attempt to evade accountability. <
Yep. One problem with American law is that intent is rarely taken into consideration. “Do the crime, do the time.” But what if you didn’t even know you did a crime?
What is the value of the coins? Is it their numismatic value or their salvage value?
Our “legal system” and “laws” are so far corrupted that I’m not even surprised at this level of blatant tyranny any more.
Anyone who thinks a system this far broken can be “fixed” is denying reality.
I read the book. It was pretty good.
don’t let the government know you have them! Same for firearms.
***Back in 1982 I was looking at starting a gun collection, until I saw this scene in Red Dawn. A chill spread through the whole theatre.
https://www.youtube.com/watch?v=3OaF-j8x5Vc
I decided not to be on anyone’s list of firearm owners. For instance, a magazine published a list of registered firearm owners, making them all a target of criminals who want their guns.
https://www.cnn.com/2012/12/25/us/new-york-gun-permit-map/index.html
I’m on no one’s gun ownership list.
By the way, that move right there was one of the most Constitutionally abusive, morally-illegal Executive Orders ever.
Officially, it was legal, due to the unrepealed Trading With The Enemy act. But morally and Constitutionally, it was heinous.
You figure one of these days some Democrat will try to ban all guns by making 'steel or steel alloys, in certain configurations' forbidden.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.