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Originally Posted by Rhotchkiss
I appreciate that Bob. I have read all of your other posts, and I guess I already knew that, but it just sort of re-hit me last night as I started looking for proposed regs from the 1990s. BTW- I am recovering tax attny with a masters in tax law from Georgetown, who practiced for 7 years before giving up that racket. I worked on corporate and partnership deals, and never had occasion to learn about collectibles tax or really deal much with individual taxes. To that end, I - as most here- really appreciate your advice and posts!
Regarding the 1915 CJ question: you would have to go back to the date you bought the set and establish the approximate value of the Cobb as of that date, which should be pretty easy to do with VCP or just google. Take that value and subtract it from your current sales price and that’s your gain. Do your best, don’t be a pig, and document your methodology, and you should be fine.
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Ugh! I feel your pain, but try doing it for like 45 years, and include individual, corporate, and all business taxes, estates, trusts, tax planning and consultations, audits, reviews, compilations, not to mention specialized services like SOC/SAS-70 reporting, and still finding time every now and then to butt heads and square off against the IRS and other tax authorities. And that's just off the top of my head! I just have a lowly undergrad degree, but did start out in the old "Big Eight" with Peat, Marwick, Mitchell (KPMG today) and really learned my craft the old school way, on the job. And even had a 15 year stint in private industry as a CFO/Controller for a real estate developer/manager where I was responsible for not just a real estate management firm, but also dozens of commercial real estate entities, two different construction companies, our own in-house architectural firm, in-house real estate broker, and so on. Can definitely swap some war stories. LOL
And I hope you don't mind, but in Post #41 I expanded a little bit on your response to Smarti5051 in your second paragraph above. LOL
Take care!