can affect your cognitive ability (if you ever had one).
Even worse, you might start saying nutsy-cuckoo things like:
"Rudy, Tudy, He's my man,
If he can't beat 'em nobody can."
Posted on 05/11/2007 9:27:49 AM PDT by ellery
And why? Because you don't want it to.
No laws were broken, there was no bribe and the consideration involved is miniscule in the context of Giuliani's net worth.
This would be like arguing that the candy manufacturers who sent President Reagan thousands of dollars worth of jellybeans were bribing him, and his subsequent pro-business legislation was an obvious qud pro quo that doesn't pass "the smell test."
The article says he paid $4000 each for the rings. I'd imagine that is what the Yankees paid for them. How is that a gift? What income is it that he was supposed to report?
Did you miss the part where their estimated value totals $250,000? If they are actually worth $250,000 and he got them for $4,000 each, he gained $234,000.
I am, too.
Course if the sucker didn’t report this as personal income in his IRS form, he's in deep, deep doo-doo.
Zero. No gain was realized.
He has never sold them.
I’m CERTAIN he paid taxes on the full market value of the gifts, right?
He purchased them. They were not gifts.
What? You mean he didn’t report the personal income?
There is no income to report here.
We’ll see if he hangs on to them.
How is this personal income?
By the way, if you or I purchase something of a collection value at a far reduced price, we owe taxes on it. Ask the IRS and see what they say. Tell them that you just bought a $250,000 collection of Yankee World Series rings, and you got them for a bargain price of $16,000. I’m sure they will pat you on the back and say “Good for you!”
Did he sell the rings? Unless or until he does, he has not realized any gain whatsoever. If he does, whatever money he makes beyond the price he paid for the rings will be considered a capital gain, and he will be liable for tax on his gain, but as of now, he has a lot of cash invested in rings. He hasn't made a penny in income from them.
What is so hard to understand about that?
Since these were not readily available for the general public for purchase, they are limited to who can buy them. It is the same thing as buying your mother’s house for $16,000 when it is worth $250,000. It is equivalent to a “gift”.
That is exactly what they will say. The IRS does not collect sales taxes, only income taxes. Now if you turn around and sell them for $250,000, they will want their take on the gain you made.
See #30. Go to the DMV and tell them that you just bought a $250,000 Ferrari for $16,000 from your friend.
Translation: "Yes I was completely and totally wrong about all that stuff - but if Giuliani ever gives up his lifelong Yankees fandom and if he ever sells his most prized memorabilia in the future and if he fails to report the gain on sale then I will have something legitimate to complain about in the future, hopefully!"
I am tired of the sloppy DU-style thinking being thrown around on this site.
Giuliani is wrong on abortion.
Giuliani is wrong on the 2nd Amendment.
Giuliani's positions on trade and immigration cannot be nailed down, even though they are two supremely important issues and every candidate should have a clearly articulated policy on them.
Giuliani has demonstrated in the past that personal loyalty matters more to him than integrity in choosing employees (Bernard Kerik).
All this stuff is accurate and damning.
All this speculation over rings he purchased at list price and still owns and which are worth less than a week's consulting fees to him is just silly.
The real problem is that the rings are estimated to be worth in the neighborhood of $250,000. Giuliani paid $16,000 for all four. He also did not declare the first World Series ring while he was mayor, even though the person who made that series of rings said he made Giuliani’s incribed ring in 1996 with the rest of the team rings.
During the time, Giuliani was cutting major deals with the Yankees that gave them many benefits funded by city tax dollars. He was also prosecuting others in city government who failed to declare gifts over $50.
And many of us are tired of the DU-style of attacks on us when we publish items that you don't like or agree with. It works both ways.
So?
Companies sell rare items at list price to prized customers all the time.
I buy limited edition records at list price knowing full well that years from now I could sell them on eBay for 10-20x list to collectors.
Is that a gift from the record company to me?
Not at all.
But that's not what you are getting.
You are getting a factual, point-by-point refutation of your poorly-reasoned argument.
Aren’t they asking for you at the other forum? The one that bears your screen name?
Why is that a problem?
Collectibles frequently go up in value.
Giuliani paid $16,000 for all four.
My dad paid 10 cents for a Tom Seaver 1969 Mets card. That's worth more than 15 times its original price. Is my dad a crook for buying it? He was a city employee at the time.
He also did not declare the first World Series ring while he was mayor, even though the person who made that series of rings said he made Giuliani’s incribed ring in 1996 with the rest of the team rings.
Why would he need to declare a ring he purchased?
During the time, Giuliani was cutting major deals with the Yankees that gave them many benefits funded by city tax dollars.
Really? Like what exactly?
He was also prosecuting others in city government who failed to declare gifts over $50.
Really? Name one person whom he prosecuted solely for accepting gifts over $50.
can affect your cognitive ability (if you ever had one).
Even worse, you might start saying nutsy-cuckoo things like:
"Rudy, Tudy, He's my man,
If he can't beat 'em nobody can."
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