4 ms·
> it seems questionable to me to tax something that could likely have great personal value to someone but not great monetary or utility value to them. If it do
by justin66 7y ago
> it seems questionable to me to tax something that could likely have great personal value to someone but not great monetary or utility value to them.
If it doesn't have great monetary value, the taxes won't amount to much. The only thing that makes this case interesting is that the IRS appraisers were completely off the mark, something that will (one hopes) be resolved in court. If they can get the IRS to agree with the the auction houses that the thing is basically worthless, they can keep the hideous thing in their living room forever without paying anything.
- harimau777 7y agoI was meaning monetary value specifically to the person inheriting it. That is, if they have no intention to sell it and its not something that generates money for them on its own (e.g. a factory or machine).
- deleted 7y ago[deleted]
- gamblor956 7y agoThe IRS appraisers were a panel of museum curators that exists to appraise items like this. The IRS apparently did not tell them that the item to be appraised was in fact not saleable under other laws. (This article is from 2012, so the situation has been resolved for years.)