As I understand it, technically the “thing of value” is the script itself - because it doesn’t have a clearly defined value you can get away with claiming some fairly crazy valuations.
There’s a very similar tax loophole popular with the wealthy where you get a “great deal” on some slightly valuable art, donate it to charity, get it valued by an “expert” you know, who just happens to think it’s worth many times what you paid, then write that off on your taxes. Basically free money.
Do you know if this expert has to have some kind of credentials? Or could John Smith start a non-profit, Jenny Smithy have James Smithens who is an “expert” say the value (of some object) is more than Jenny owns, have Jenny donate this object to John’s non-profit and then tax $0?
(I know it technically can be done, but do you know if there is some threshold were it will be flagged? Writing of more than you own would be a flag and call for an audit but what about something worth $1000?)
As I understand it, technically the “thing of value” is the script itself - because it doesn’t have a clearly defined value you can get away with claiming some fairly crazy valuations.
There’s a very similar tax loophole popular with the wealthy where you get a “great deal” on some slightly valuable art, donate it to charity, get it valued by an “expert” you know, who just happens to think it’s worth many times what you paid, then write that off on your taxes. Basically free money.
Do you know if this expert has to have some kind of credentials? Or could John Smith start a non-profit, Jenny Smithy have James Smithens who is an “expert” say the value (of some object) is more than Jenny owns, have Jenny donate this object to John’s non-profit and then tax $0?
(I know it technically can be done, but do you know if there is some threshold were it will be flagged? Writing of more than you own would be a flag and call for an audit but what about something worth $1000?)
deleted by creator