Posted on 07/24/2012 8:29:01 AM PDT by SeekAndFind
I'd take it to the tax auditor's office and invite some Interior Department folks with me to instantly arrest the agent for "possession".
If the IRS can do this, they could also conceivably hit you with a tax bill of what they think your lifetime income will probably be and charge you accordingly.
So who was it that said the Rich don’t pay enough in taxes?
There is an option E: Fight it in court.
Donate it to a museum at the IRS’s assessed value, and take the tax deduction.
The IRS will become the new Gestapo. Perhaps Obama should get them black uniforms.
There is an option E: Fight it in court.
And use the last 400 million on lawyers...No thanks. If they feel that the item is a family treasure than pay the 29 million and keep it in the family. If not donate it and use the tax write off for 75 years. I think unless I really loved the item, I would take the write off....I wonder if it would go to future generations (75 years)????
—And use the last 400 million on lawyers...—
Why would it cost that much?
If it would, then this is basically an IRS shakedown.
Why, of course they don't! The IRS is letting them keep what, $400 million?! Doesn't that sound like an outrageous amount of money? Even at a 60% plus rate, they're obviously not being taxed enough. :-/
RE: There is an option E: Fight it in court.
With guys like John Roberts now on the other side of the fence, I’m not so sure this will amount to anything.
Or - have some catastrophe destroy the sculpture and claim a loss of the IRS’s assessed value.
If it would, then this is basically an IRS shakedown.
Wouldn’t surprise me in the least.
They could leave it in the back of a truck in a parking lot and allow it to be stolen.
You didn’t read about how the donation would have to amortized.
Ugh. Before our hearts bleed any more for these rich inheritors of artsy-fartsy garbage...are they progessive Democrats? Are they really getting exactly what they deserve?
Ugly as a mud fence!
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