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> If someone buys the Mona Lisa and burns it for the tax credit This is not how taxes work. If I buy the Mona Lisa for $100 and burn it for the tax credit. Th
by prepend 3y ago
> If someone buys the Mona Lisa and burns it for the tax credit
This is not how taxes work.
If I buy the Mona Lisa for $100 and burn it for the tax credit. That would only yield me a $100 deduction so a savings of $46 in taxes (and I live in the most tax heavy portion of the US for purposes of my example).
So I would lose $54 in your example. Why would anyone do this?
- willcipriano 3y agoHow does that work when the film rights live in Ireland and the intellectual property lives in the Cayman Islands and your business has a well known catch phrase on for your creative accounting practices?[0] [0]https://en.m.wikipedia.org/wiki/Hollywood_accounting https://en.m.wikipedia.org/wiki/Hollywood_accounting