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>The rich person donates the work to a museum, a non-profit. The donation gives them a $75 million tax write off. The rich person just saved $25 million that wo
by itsoktocry 3y ago
>The rich person donates the work to a museum, a non-profit. The donation gives them a $75 million tax write off. The rich person just saved $25 million that would have otherwise been taxed.
So you're asserting that rich people and appraisers and insurance companies and museums are all conspiring to commit tax fraud?
- sparsely 3y agoConspiring is maybe strong, but it isn't in any of their interests to stop it happening.
- itsoktocry 3y ago>but it isn't in any of their interests to stop it happening. It isn't in the insurance company's best interest to ensure they have an accurate assessment of the value of the item they're insuring? What is being described above is fraud.
- thfuran 3y agoTax fraud isn't really accurate either.
- Schiendelman 3y agoNot conspiring. It’s a natural outcome of the way this market works though.
- CPLX 3y agoMichael: My father’s no different from any other powerful man. Any man who’s responsible for other people. Like a senator or president. Kay: You know how naïve you sound? Senators and presidents don’t have men killed. Michael: Oh. Who’s being naïve, Kay?