IRS says art work that literally can not be sold is worth $65 million. An artwork which contains a stuffed bald eagle is valued by experts at $0 because it is a felony to sell any bald eagle, alive or dead. Somehow, the IRS has decided the market value of a piece no purchaser in his or her right mind would buy is $65 million.
This post was last modified on January 26, 2021
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I would just tell the IRS that since I can't pay the tax on the item, they can have the item in lieu of the taxes. Then they can auction it off to get the money owed.
Problem solved! ;-)
Just think, these are the same guys that will be enforcing compliance with Obamacare. I feel healthier already.
Can't sell it cuz it's a federal felony to engage in that action from any direction. Must pay tax and penalty for understating its value. Some highly qualified irs putz decides eleventy godzillions is the actual value, but doesn't know how to spell eleventy godzillion, so settles for 65 million. Could these unfortunates pay their irs debt with the illegal eagle art, and let the irs keep the change as a token of appreciation?
Well, be fair, just because it's illegal to sell or buy doesn't mean a theoretical value can't be laid on it. I'd be interested to learn if the piece is actually insured, and for how much.
I have a hunch they'd be more accepting of that value if they were to donate it in some manner which made it a tax write-off.
Of course that's an entirely different issue from the IRS trying to soak the estate.
Afterthought- the same law makes it a felony even to POSSESS the eagle -- how can they be hanging on to it at all??? Maybe they should donate it to the IRS!
So, by this reasoning, if Scarface dies and leaves his kids a half a ton of cocaine, which is also illegal to possess or sell, they're going to have to pay taxes on it.
No estate taxes, fair or flat tax please. The IRS needs to go. Oh Lord, I am gonna get sooo audited...
They get hammered by the death tax, and then this. How could anybody justify this with a straight face?
Ummm...considering their leader in the White House? I must assume your tongue is glued to your cheek. :-)
Busted