From: Jim Choate <ravage@einstein.ssz.com>
Date: Wed, 9 Sep 1998 11:21:49 +0800
To: cypherpunks@einstein.ssz.com (Cypherpunks Distributed Remailer)
Subject: Gift taxes...
Message-ID: <199809090336.WAA13892@einstein.ssz.com>
MIME-Version: 1.0
Content-Type: text



Forwarded message:

>    "The giver is responsible for paying any applicable tax on any large
>    gift," IRS spokesman Steven Pyrek said Monday.
>    
>    A baseball is owned by Major League Baseball until it leaves the
>    field. It is then owned by the fan who comes up with it.
>    
>    A gift tax applies to any property given away that is worth $10,000 or
>    more. The person receiving the gift owes no taxes.
>    
>    Under the federal tax code, the first $625,000 would be exempt because
>    of the lifetime tax credit provided to every individual. So if the
>    ball is deemed to be worth $1 million, the fan would owe at least 40
>    percent of the remaining $375,000, or $150,000, to the government.


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