08-22-2007, 06:22 PM
[quote RAMd®d] 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.
If it sells for less then he can file for a refund. As for the wrong or right of it, the IRS has to base it off of estimated value b/c if they wait until he sells it, well how do they know he didn't take it to China to sell and then deposit the proceeds in a Bahamian bank acct to avoid the tax. No, the IRS is going to nail people when its fresh in their mind and easy to get.
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.
If it sells for less then he can file for a refund. As for the wrong or right of it, the IRS has to base it off of estimated value b/c if they wait until he sells it, well how do they know he didn't take it to China to sell and then deposit the proceeds in a Bahamian bank acct to avoid the tax. No, the IRS is going to nail people when its fresh in their mind and easy to get.