08-22-2007, 06:16 PM
A local news story has said the the IRS *has* assigned a "fair market value" of $500.,000 and it's due and payable.
I suppose he could depreciate the value as time goes by and the value drops. What if the auction only gets $100,000 for it?
Either way, it seems really really wrong that he owes money based on the *estimated potential* value *if* sold. Let him sell it, then make him pay.
I suppose he could depreciate the value as time goes by and the value drops. What if the auction only gets $100,000 for it?
Either way, it seems really really wrong that he owes money based on the *estimated potential* value *if* sold. Let him sell it, then make him pay.