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I don't understand how (as per the first paragraph) you can invest $20,000 and claim you lost $1,000,000. They did not explain that at all. Which seems stupid a
by TwoBit 9y ago
I don't understand how (as per the first paragraph) you can invest $20,000 and claim you lost $1,000,000. They did not explain that at all. Which seems stupid as that's what the article is about.
- ksherlock 9y agoI found this (http://nightflight.com/newpost/ http://nightflight.com/newpost/) other article which tells a similar story but has slightly more detail. 1970s tax law apparently let you write off the (make believe) appraised value of a master recording rather than the actual cost.
- bluejekyll 9y agoWhich doesn't make you money, as much as it offsets profits. I think we're all familiar with a person who's done that.