Re: I really have no use for these kind of people

Posted by JoeMN on July 02, 2005 at 19:50:18 from (209.81.107.110):

In Reply to: Re: I really have no use for these kind of people posted by mark on July 02, 2005 at 18:48:17:

The state and federal governments have passed laws protecting the elderly from these fraudulent transactions. One big reason is taxes. If the farmer sold his 730 JD for $750 and it was depreciated out from it's original price of $1500, he will have to pay a little capital gains tax. If he had sold it for current market value,maybe $7500, he would pay much more capital gain tax. The jockey that bilked an old man out of his tractor may get some IRS attention;they will want either gift tax or cap gains tax. Can he give it away? Not if it defrauds the gov't of taxes due.

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• Re: I really have no use for these kind of people Galen 05:30:10 07/03/05 (0)

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