Suppose you inherited something that was once worth a lot of money, but now cannot be legally sold. How should the IRS assess inheritance tax on that?
Well, the new owners say (of course!) that since it cannot be sold, it's fair market value is zero, so there is no tax.
The IRS says “Give us $29 million, right now!”
The whole story...
This is going to court, of course. Care to bet on who wins?
I think most people would agree that here is a clear-cut case of theft (well, attempted theft, for the moment) disguised as taxes. So far as I'm concerned, all taxation is theft if I didn't agree to it, but when I say things like that people just look at me like I'm crazy :-)
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