Rush also did this for someone who was nice to him in Sacramento (most treated him very badly).
I heard about it through some friends. He never talked about it —ever.
Wait till the IRS knocks on his door.
Nice gesture but the coash has nothing on Obama who has given away 100’s of billions....
Those musta been some darn good grilled cheese sandwiches!
Great story. Hope the cook enjoys his new car. As said before the insurance will be steep or may not depending on his driving record. I’m thinking what the cost of registration and servicing the vehicle.
Hint: "What is considered a gift? Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return."
Here's another hint: The IRS will get their money in just about all cases.
Edmunds says the true market value is $10,688.
It is a gift and there is not tax to either the giver or recipient since the value is under the gift limit.
http://www.edmunds.com/mercedes-benz/sl-class/1999/?ps=used&sub=convertible&zip=27606
The story is a beautiful one. The comments about the taxes is a reflection on our tax system that is 1) confiscatory 2) arbitrary/ open to interpretation 3) unfair in any sense of the word. It is amazing that generosity would be taxed. But I believe this is no less different than the estate tax where the generosity to relatives is taxed. Render unto Ceaser...