Does "Book Value" mean anything to you?

Exhibitman · #1 06-18-2021, 02:55 PM

Only two crimes have no statute of limitations: murder and tax fraud. Shows you where the real priorities are...

Johnny630 · #2 06-18-2021, 02:57 PM

Usually dealers who sell hammered cards to really cheap people put it on their sticker so that they can show the cheap people wow you�re really getting a deal %6 of book.

Card is still beat but this is the big thing people always want to feel like they�re getting a deal whether they�re cheap or not.

pcelli · #3 06-18-2021, 03:43 PM

Book value is essentially a baseline number. It will mean little in the end , but its a number. We all carry different sets of numbers in our heads..
Its not totally meaningless. Look at it as a quaint old fashioned tradition if anything. It would be nice of PSA to upgrade those numbers to be more reflective of reality..

cardsagain74 · #4 06-18-2021, 03:51 PM

Totally irrelevant, including for set pricing/value. It may be a lot easier to attempt valuing a set that way, but you're often going to get obsolete or simply inaccurate data.

However, it is useful for people who enjoy claiming the NM "book value" of the crumpled up card they've listed

jingram058 · #5 06-18-2021, 04:12 PM

I guess when I'm not cutting up valuable cards, I am foolishly selling them to "dealers". When dealers purchase your cards, they give you a ridiculously low amount. The time I did it, I was on active duty in the Navy, stationed in Charleston. The family was in Coral Springs, Florida. I was driving home on weekends, 540 miles each way. Even as a Chief Petty Officer, the pay only went so far doing that. So, rather than take out a loan when the money finally got tight, I went to a card shop off of Atlantic Blvd in Coral Springs, I think in 1995 to sell some of my beloved cards to get some gas money, groceries and fast food. As I recall it now, I sold a 1958 Mantle, 1934 Gehrig, 1941 DiMaggio and Williams and several other supposedly valuable cards for $200, after he looked at them with his loupe. The "dealer" told me, "It's strictly business. I can't give you book value. $200, take it or leave it." I foolishly took it, because I was desparate. I'm certain he turned around and sold them for "book value". Sure, if I had the time, I probably could have sold them somehow for "book value". But I was in a jam, and did it. But I felt terrible afterward, and vowed, no matter what, I would never do that again.

BobC · #6 06-18-2021, 09:00 PM

Quote:

Originally Posted by Exhibitman

Only two crimes have no statute of limitations: murder and tax fraud. Shows you where the real priorities are...

Not necessarily true in regards to taxes. Civil tax fraud supposedly has no statute of limitations, but criminal tax fraud does still technically have a 6 year statute o f limitations

There is actually a 3 year statute of limitations for the IRS auditing and coming after your income taxes for any particular year that commences on the later of either the day your taxes were originally due (normally April 15th) or the day you actually filed them if filed after their original 4/15 due date. And that statute of limitations gets increased from 3 to 6 years for any return year where it turns out the taxpayer had underreported their taxable income by 25% or more.

Once your tax return has gone past the IRS' 3 or 6 year statute of limitations period for auditing it, you will likely never hear from them about that specific year again. That is unless you continue to commit whatever the civil tax fraud is in subsequent tax years and the IRS catches your civil fraud in one of those years still open for audit. Technically they can then decide to go back to the earlier tax years that are beyond the 3 - 6 statues for auditing a return and go after the civil tax fraud in those otherwise closed tax years as well.

Makes you kind of wonder why they even bother to have the 3 - 6 year statutes for auditing the returns to begin with. And I'm not even going to start on there being a separate 10 year statute of limitations to actually collect any taxes due the IRS from whatever civil fraud may have been commited. LOL

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