Posted on 12/01/2005 2:28:36 PM PST by LdSentinal
(Los Angeles -AP, December 1, 2005) - A Southern California cab driver's simple act of honesty has turned to gold.
Two weeks ago, the driver, Haider Sediqi, tracked down a jeweler and returned to him the $350,000 worth of diamonds he left in the back seat of the taxi. As a way of saying "thank you," the jeweler sent the cabbie a $10,000 check and a diamond bracelet.
But the honest cabbie was just as impressed with the man's thank-you note. The jeweler wrote that the cab driver had "changed his life."
The driver is putting the money in a bank account to help pay for his children's schooling. And he's giving the bracelet to his wife, who assured him he did the right thing in returning the diamonds.
A few years ago I was meditating about what made relationships work and I came up with this simple answer -
trust
to a greater or lesser degree.
One's ability to maintain a quality relationship is based a greater amount of trust.
To me - the act of MR. Haider Sediqi returning another's property established that he could be trusted and thus the foundation for great relationships.
I wish MR. Haider Sediqi many rewards in life including great happiness!
Who leaves $350,000.00 worth of anything anywhere? I would cry if I lost a Twenty dollar bill.
Actually, the 10K gift tax exclusion is now 11K. So if the bracelet is worth only 1K, all is well. If it's worth more than 1K, Mr. Austein would be paying the gift tax, unless he specifically designated it as a separate gift to Mrs. Sediqi. Concerning Sediqi's income tax liability on the 10K, he would be unaffected if he put it in a trust account earmarked for college tuition to one or both of his two children to a specific college or colleges. And, in fact, Sediqi stated that the 10K would be used for that purpose. I hope he has someone advising him on how to avoid paying tax here.
"Great story" ping.
Austein would be paying the gift tax...
Do unto others as you would have them do to you...
No taxes as this is a gift. There was no expectation of compensation, nor was it compensation. It was a gift. Gifts over $10,000 per person per donor only serve to decrease the donors lifetime estate exclusion. No tax consequences!
Actually, gifts up to and including 11K per individual per annum are frequently used to reduce estate taxes by reducing the amount of the estate.
"The best way for him to be liable for the income tax is to go to the press with his story."
And the best way for him to avoid tax would be to conceal the income? That would be out of character for him. If he puts the 10K in a qualified State Tuition Fund, earmarked for a college education for one or more of his children at a particular school, the money is exempt. I believe that's what he'll probably wind up doing, if he gets good advice.
I like stories with happy endings. This is quite nice, thanks AC.
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