Mystery millions raising big questions

Philadelphia Inquirer ^ | Posted on Sun, Jul. 03, 2005 | By John Shiffman

[djf]

Never know. Could be that the Nigerian dude who's been emailing everyone finally came through...

[KateatRFM]

Michael Anthony told him not to reveal where the money came from.

Did you ever wonder how the beneficiaries of "The Millionaire" explained that money to the tax man without revealing where it came from? How do you walk into your bank and deposit a cheque for $1 million (in the 1950s) and NOT tell anybody where it came from?

As for this lawyer, maybe it was a Lotto winner from another country who sent him the money. He ought to have called first but maybe he wanted it to be a surprise ...

[COUNTrecount]

Here's one for you !


Barclays Bank Plc
65/66 St. Mary Axe
London EC3A 8LE

I am Mr. Gary Adams, Senior Credit Officer, Barclays Bank Plc London. I am writing following an opportunity in my office that will be of immense benefit to both of us.

In my department we discovered an abandoned sum of £12.5million British Pounds Sterling (Twelve Million Five Hundred Thousand British Pounds Sterling) in an account that belongs to one of our foreign customers Late Mr. Morris Thompson an American who unfortunately lost his life in the plane crash of Alaska Airlines Flight 261, which crashed on January 31 2000, including his wife and only daughter. You shall read more about the crash on visiting this website.

http://www.cnn.com/2000/US/02/01/alaska.airlines.list/

http://www.nativefederation.org/history/people/mThompson.html

Since we got information about his death, we have been expecting his next of kin or relatives to come over and claim his money because the Bank cannot release the funds unless somebody applies for it as next of kin or relation to the deceased as indicated in our banking guidelines.

Unfortunately I learnt that his supposed next of kin being his only daughter died along with him in the plane crash leaving nobody with the knowledge of this fund behind for the claim. It is therefore upon this discovery that I and two other officials in this department now decided to do business with you and release the money to you as the next of kin or beneficiary of the funds for safe keeping and subsequent disbursement since nobody is coming for it and we don't want this money to go back into Government treasury as unclaimed bill.

We agreed that 20% of this money would be for you as foreign partner, while the balance will be for my colleagues and I. We will visit your country for the disbursement according to the percentages indicated above once this money gets into your account. Please be honest to me as trust is our watchword in this transaction.

Note that this transaction is confidential and risk free. As soon as you receive this mail you should contact me by return mail whether or not you are willing to enter into this deal. In the event you are not interested, I sincerely ask that you disregard this email and tell no one about it. I am very careful on truncating my banking career should you mention this to someone else. I hope you can be trusted in this regard.

Please note that all necessary arrangement for the smooth release of these funds to you has been finalized. We will discuss much in details when I do receive your response.
Please in your response include your telephone and fax numbers for a better communication between us.

You can reach me on the email below
Best regards

Gary Adams

Email: gary.oadams@btinternet.com
Fax: +00 - 44 - 7092044703

[chaosagent]

If I remember correctly, Michael Anthony always told them the money was being given 'tax-free'.

Gifts are normally not taxable to the recipient. Depending on the amount, the giver may owe a gift-tax.

[KateatRFM]

Yeah, tell that to your banker -- "I'm depositing this $1 million cheque and the guy who gave it to me forbade me to tell where it came from, but he told me it was tax free!"

You'd be clapped in irons before you could say "Tax freedom."

[JarheadFromFlorida]

[[Of course, now he is a philadelphia movie producer that has friends who send him millions.]]

They were going to produce another "Boys in da hood" or "Barbershop" movie. It's all just an innocent misunderstanding.

[bill1952]

Right. Tell that to the tax man when your accounts are frozen.

If the gift is cash, it is income, and is taxable, unless it is proceeds from the disbursement of a personal injury settlement.

[patriot_wes]

"Mystery millions raising big questions"

maybe it's part of Vince Foster's 3 million swiss bank account....no scratch that, those millions were wired directly to the treasury dept.

[litehaus]

"I really feel sorry for the brides in Massachusetts what with Barney Franks"

Howdaya tell which IS the Bride in Mass?????

[chaosagent]

As I said, the gift, including money, is taxed to the giver, not the receipient.

See this IRS link.

http://www.irs.gov/businesses/small/article/0,,id=108139,00.html

[bill1952]

That pertains to the transfer of property and some other things for less than full market value, subject to the exclusion per annum.

I've never actually seen it used by other than family members to family members, so I haven't really read up on all of the ramifications or definitions.

And my point is also that, although the donor may pay a gift tax, that may not absolve you from paying an income tax on it.

Actually, this is getting interesting.
I need to look up precedents.

[chaosagent]

Here's another link from the IRS.

http://www.irs.gov/businesses/small/article/0,,id=98968,00.html

Check about half way down the page to "No Tax on the Person Receiving your Gift or Estate"

Money has been disbursed several times in my family with no tax consequences for giver or receiver due to the amount being under the then $10,000 limit.

[bvw]

Katie Wiley. Paula Jones. A number of other married and engaged women. Bill Clinton already did take that right.

[mugs99]

How do you walk into your bank and deposit a cheque for $1 million (in the 1950s) and NOT tell anybody where it came from?

You could do that in the 1950s. If the bank teller was the suspicious type he might call the IRS, but you didn't have to tell them where it came from as long as you paid your taxes.
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