Gift taxes...

Jim Choate ravage at einstein.ssz.com
Tue Sep 8 20:21:49 PDT 1998



Forwarded message:

>    "The giver is responsible for paying any applicable tax on any large
>    gift," IRS spokesman Steven Pyrek said Monday.
>    
>    A baseball is owned by Major League Baseball until it leaves the
>    field. It is then owned by the fan who comes up with it.
>    
>    A gift tax applies to any property given away that is worth $10,000 or
>    more. The person receiving the gift owes no taxes.
>    
>    Under the federal tax code, the first $625,000 would be exempt because
>    of the lifetime tax credit provided to every individual. So if the
>    ball is deemed to be worth $1 million, the fan would owe at least 40
>    percent of the remaining $375,000, or $150,000, to the government.


    ____________________________________________________________________

                            The seeker is a finder.

                                     Ancient Persian Proverb

       The Armadillo Group       ,::////;::-.          James Choate
       Austin, Tx               /:'///// ``::>/|/      ravage at ssz.com
       www.ssz.com            .',  ||||    `/( e\      512-451-7087
                           -====~~mm-'`-```-mm --'-
    --------------------------------------------------------------------






More information about the cypherpunks-legacy mailing list