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Posted by Arthur Kamlet on August 18, 2007, 2:08 am
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>>>> Your question about the timing of
>>>> crossing home plate is at best frivilous.
>> When I went to work for my uncle in his nit picking
>> business, he told me there were some nits not worth
>> picking and some nuts whose nits should be picked. He
>> also said if I learned well, the Governor might appoint
>> me to a Judgeship. The point being that Judges needs to
>> know which nits and nuts are worth a Judge's time.
> If you consider the past response of IRS to the issue of
> historic homerun balls it would seem that the question
> about the timing of crossing home plate is not so frivolous
> after all. It seems to me IRS has recognized the timing
> issue and that explains their past response.
>
> If I were Murphy and intended to keep the ball for more than
> three years, I would report the ball with a reasonable
> value, say the value of a new ball, on my 2007 Federal
> Income Tax Return. After three years, IRS could not
> legitimately dispute the tax treatment.
It's 6 years if you understate income by 25%, which could
easily be the case here.
And if they can show fraud in misstating income, there's no
limit.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
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