LUXURY & RE-SALE TAX ABUSE - by Vintage Vinyl Recording Dealers?
Anonymous Remailer
My biggest gripe about John Tefteller is that he profits from Paramount
blues artists unfairly. Chutzpah if he spends ten thousand dollars on a
record. How about Tefteller ponying up some money for the TOMBSTONES of
the ARTISTS, (the Paramount blues calendar and various other memorabilia
) he profits from. Something to think about if you consider dealing with
him. Also what's up with that pompous
advertising tone in Goldmine "I deal with the rarest record"?
Pompous!
>A commentary.
>The buck stops here and the black birds on the wire poles are chattering
>about? In light of the Federal and States budget
>crisis (Health Care reform) both the Internal Revenue Service and the
>individual States Tax Franchise boards need to scrutinize
>these record dealers who claim purchases for re-sale (claim a tax exempt
>status) then keep them stashed on their plywood
>records shelves.
>A well known Pacific Northwest collectors' purchase of a $10,200.00
>record, (Reported in Krause Publications, Issue September
>2009 "Goldmine" Magazine) (see:
>http://www.urbanartantiques.com/2009/john-tefteller-wins-record-on-ebay-issues-press-release)
>poses ethical the question isn't the purchase subject to a luxury tax?
>But importantly there is the possibility abuse of record
>dealers claiming their big dollar purchases for re-sale then claiming a
>loss or tax exempt re-sale status on the purchase is that fair to the
>ethical dealers who play by the rules? Record dealers who enter into
>quid pro quo deals should have their tax exempt records audited (IRS and
>state). Now this doesn't imply that the gentleman was in violation
>but it does raise flags. Taxes are taxes but when a person lauds their
>purchase it should go under Big Brother's microscope.
>So -
>A. Isn't a substantial purchase of recording over $10,000 liable to
>Federal or State income tax under the purchasers under current
>taxation laws? What about purchases that go overseas they should be
>liable to the tax laws? How about $5,000+ records coming
>into the USA, what is the taxation status?
>B. The buck stops here. Please take a good look at Stephen M.H.
>Braitman's article in the October 2009 issue of "Goldmine"
>(Krause Publications) and look carefully at Braitman's wording.
>Pretentious writing but explicit into the de facto of record
>dealers. One thing that bothers me about this article is Braitman
>explicitly states a dealer duping an ignorant man/woman out of
>rare record quickly turned a profit for it on eBay. Any ethical seller
>of rare recordings would tell the owner the luck of
>having a record worth a fortune, right! Wrong. In the record collecting
>business there are two groups - the ethical and the unethical. Whereas
>the ethical is likely to inform the owner that they have a potential
>record worth $5,000 or even $35,000.00 and represent him or her to an
>ethical auction house like Collect.com, Butterfields, Bonhams,
>Christies, etc. It's tiring to hear certain dealers dupe/lure/cheat, the
>ignorant owner into peanuts then turn a hefty profit. In other
>words there needs to be a stop to these dealers fucking people out their
>potential retirement nest eggs.(Braitman's article doesn't mention an
>ethical transaction at all, mysteriously and take n o t e).
>C. Then there is the issue of a record dealer abusing their re-sale
>business license by claiming their purchase as re-sale
>(tax exempt) avoiding state mandated taxes. So both IRS and State tax
>franchise boards should scrutinize business re-sale licenses
>and see if they are paying their fair share. Or record dealers taking
>advantage of the system. This could best achieved by IRS
>agents watching eBay sales and thumbing through trade magazine like
>Goldmine and the price guide advertisements.
>D. Contact your legislature representatives, inform them to scrutinize
>eBay. Is eBay/Paypal abiding by the IRS rules of reporting
>purchases of over $10,000. Inform your legislature that the standard
>should be lowered to $500.00 and should be taxable. When
>the purchaser claims a re-sale then flags should go up.
>E. Finally those that are in violation that is misreported items should
>be seized by the IRS or State Tax boards.
Nomen Nescio
oldpink
> My biggest gripe about John Tefteller is that he profits from Paramount
> blues artists unfairly. Chutzpah if he spends ten thousand dollars on a
> record. How about Tefteller ponying up some money for the TOMBSTONES of
> the ARTISTS, (the Paramount blues calendar and various other memorabilia
> ) he profits from. Something to think about if you consider dealing with
> him. Also what's up with that pompous
> advertising tone in Goldmine "I deal with the rarest record"?
> Pompous!
Mmmm...good point there.
Hell, John Fogerty had the decency to pay the ultimate tribute to
Charlie Patton by paying for a proper tombstone for him.
I bet Fogerty figured he owed it to the legend.
btw...have you ever seen Son House's tombstone?
It is all that a blues fan would want for the man who was (arguably) the
greatest delta bluesman of all time.
Seriously, it brought a tear to my eye.
In short, it is magnificent.