And, if one is in a high tax bracket and gets audited (and this kind of
write-off is a BIG red flag), then you not only pay the tax you dodged,
plus a penalty, you could (and should IMHO) land in jail.


Karl Denninger wrote:
Nope.

So long as he has a C&V survey with that number on it, he sails. Its not
hard to find said C&V survey. How many IRS auditors are surveyors and could
inspect the vessel - two years later after its been resold by the charity?

It basically never happens.

You get audited, but its a correspondance audit. You provide the proof of
value, that's teh end of it.

So if you have every i dotted and every t crossed, you walk?

That doesn't sound like what you were talking about earlier. My
observation is that under the former rules, the charity either had to
keep the boat for at least 1 year or the donor could only write off the
actual sale value less any labor expended by the charity.



So he just got the government (that'd be you and I) to PAY HIM $30,000 to
"donate" the boat.

Wait a minute, the gov't didn't pay me anything. That was money I earned
every penny of! Isn't that a big part of President George W. Bush Jr's
message?


So if you can steal as much of it back as you're able, its ok?

I think not.

So you're in favor of President Bush's huge deficits yet want to make
sure that rich people pay the highest tax possible? You must be a rather
mixed-up individual.



Charities do not have a right to participate in a fraud upon the public
to get their funding. They have been complicit in this scam for a long
time.


If it was legal, where's the fraud?

Oh, the boat market is not declining. You must be smoking something really
funny; show up at some of the shows and see what the exhibitors with the
higher end boats say about their order flow and condition.

Nope, I'm not smoking anything funny. I suggest you look past the happy
faces & publicity hand-outs. Chuck Gould posted some Washington state
statistic on the boat market there recently, did you look?

DSK