What is the fair market value of an object that cannot be sold?
When art dealer
Ileana Sonnabend passed away in 2007 at the age of 92, she left her children an art collection estimated to be worth $1,000,000,000. Over a forty year career, Sonnabend, along with her first husband and business partner
Leo Castelli, worked with many of contemporary art world's best known artists, including Jasper Johns, Robert Rauschenberg & Andy Warhol.
One of the inherited paintings, Robert Rauschenberg's
Canyon has become the center of a dispute between the Sonnabend's children and the I.R.S.
posted by R. Mutt
on Jul 22, 2012 -
91 comments
Your 2010 Federal Taxpayer Receipt. "In his State of the Union Address, President Obama promised that this year, for the first time ever, American taxpayers would be able to go online and see exactly how their federal tax dollars are spent. Just enter a few pieces of information about your taxes, and the taxpayer receipt will give you a breakdown of how your tax dollars are spent on priorities like education, veterans benefits, or health care."
[more inside]
posted by saulgoodman
on Apr 15, 2011 -
76 comments
This map displays county-to-county migration data for 2000-2005 from the U.S. Internal Revenue Service. In, out, staying put, median household income.
[via]
posted by tellurian
on Aug 16, 2007 -
19 comments
The Apparat: George W. Bush's back-door political machine -- "It's anti-democratic, anti-Constitutional, and is working to create a one-party America"
Consider this article from Media Transparency regarding how "hundreds of tax-exempt organizations of the far right have been exploiting the twilight zone of campaign and IRS regulations for three decades -- receiving billions of dollars in grants and contributions to wage ideo-political warfare for far-right ideas, causes, and Republican candidates."
Might it already be too late to stop this juggernaut?
posted by mooncrow
on Mar 19, 2004 -
34 comments
Rumors abound about the
legality of the IRS, and about
people who've managed to avoid paying income taxes based on the lack of legality of the IRS itself. Is any of this real, or simply people trying to make a buck selling a book or two? And if the IRS is fraudulent, what can a citizen without massive fundage do to fight it?
posted by woil
on Aug 25, 2003 -
30 comments
Karl Frank Kleinpaste is on
trial defending himself for tax evasion claiming that he lives in the 'Democratic Republic of Pennsylvania' and is therefore not duty bound to pay federal income tax.
Some think that this will not go very well for him while others
encourage the masses to do the same.
posted by Raichle
on Nov 21, 2002 -
28 comments
Supreme Court OKs IRS to estimate tips. The IRS can now use estimates of employees' tips in its calculations of what businesses owe in payroll taxes (the dreaded FICA), the Supreme Court said yesterday. The estimates of cash tips -- which are nearly impossible to track directly -- can be based on recorded credit card tips. The IRS said they don't plan to audit servers themselves -- but the effect on restaurants could be chilling.
"Seven out of 10 restaurants are small businesses, many of which operate with slim margins. Quite frankly, this decision could mean the difference between a restaurant staying in business or closing its doors," said Peter Kilgore, general counsel and senior vice president of operations for the National Restaurant Association in Washington.
posted by me3dia
on Jun 18, 2002 -
27 comments
Another problem with the alternative minimum tax. One of the problems with this tax was discussed
back in May when it was realized that the AMT would substantially cut into the tax rebates of many. Now there is a new twist: People who did not cash out stock options before the downturn and are now sitting on a tax bill larger than all their assets combined.
posted by Nothing
on Jun 19, 2001 -
6 comments
Looks like the Internal Revenue Service is trying to soften their image with a cutesy design of their
Web site. Are you buying this? I'm not!
posted by Sal Amander
on Jun 15, 2001 -
12 comments
OK, Maybe I don't get the $300 tax rebate after all. More than one-quarter of all American adults will not get a tax rebate this year. Altogether, nearly 40 percent will not get the full amount of $300 for individuals and $600 for couples.
Nationally, the study shows, 34 million American adults, or 26 percent, will get no rebate, and another 17 million, or 13 percent, will get less than the full rebate.
This sucks. Why am I not surprised.
posted by tcobretti
on Jun 11, 2001 -
45 comments
Something else tax-related...
There is NOW a genuine effort in Congress to eliminate the income tax! House Resolution (H.J. Res. 45 -- The Liberty Amendment) sponsored by heroic congressman Ron Paul, that would repeal the 16th Amendment and free us from direct taxation, which is one thing the Constitution originally guaranteed, before it was vandalized by unscrupulous politicians early in the last century, who promised the income tax would hit only "the rich" (where have you heard that before?) and would never be more than a few percent. Politicians have such senses of humor. Anyway, YOU can help Rep. Paul's effort to repeal the income tax: join the petition to the U.S. House of Representatives and encourage everyone you know to do the same. This is a real opportunity, so if you oppose the income tax, here's your chance to do something concrete and effective (and still easy) to help the fight against it. Time is a factor, so please do it today.
Found on
deuceofclubs.com, an amazingly witty site where a person can lose countless hours of their life at, reading all sorts of non-tax-related mayhem.
posted by lizardboy
on May 26, 2001 -
13 comments
Proposed IRS rule could limit the freedom to link. The US Internal Revenue Service is proposing a rule that might make it inadvisable for not-for-profit organizations to provide links on their Web sites to
any political site. The IRS is proposing to interpret any link to a political site from the pages of a nonprofit as evidence that the nonprofit is "engaging in political activity" and thus in danger of losing its 503(c) status.
posted by lagado
on Feb 5, 2001 -
8 comments
