Saturday, July 28, 2012

our asshole govt - can't sell inherited stuffed eagle

http://www.foxnews.com/us/2012/07/24/irs-art-collection-heirs-hope-to-settle-bizarre-tax-dispute-over-canyon-collage/ Federal law makes it a crime to possess, transport, sell or otherwise convey a bald eagle, whether it is alive or, as in this case, stuffed. Sonnabend got an informal waiver from the U.S. Fish and Wildlife Service in 1981 that allowed her to keep the piece, considered a masterwork of 20th century art. (Rauschenberg got a waiver for the artwork by showing that the bird had been killed and stuffed long before the restriction was enacted.) Sonnabend died in 2007 at age 92. The estate tax, which at the time of Sonnabend's death stood at 50 percent on estates above $1 million, was suspended in 2010 as part of the Bush-era tax cuts, which were renewed and remain in effect until the end of this year. Placing a value on an item that cannot be sold is no easy feat. The venerable auction house Christie’s placed the value of "Canyon" at zero. The IRS initially put it at $15 million, then jumped the figure to $65 million when Sundell and Homem refused to pay, according to The New York Times. The IRS, which declined to comment on the matter, is not only asking for $29 million in taxes, but also an $11.7 million “gross valuation misstatement” penalty, according to Forbes. Read more: http://www.foxnews.com/us/2012/07/24/irs-art-collection-heirs-hope-to-settle-bizarre-tax-dispute-over-canyon-collage/?intcmp=trending#ixzz21wHAPKBZ ... uh huh. yeah. if you can't sell it, its worth zero. And the IRS (who collectively should should be dragged out of their homes and shot like rabid dogs) *punished* them by jumping up the from 15 to 65??? million?!? REALLY?!? It jumped 50 million in one shot? IRS= SCUM. Its unfair and its really unfair that the IRS has this much power.

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