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Re: Why "College for Everyone"

By: Beldin in POPE | Recommend this post (0)
Tue, 26 Jun 12 9:24 PM | 65 view(s)
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Msg. 62512 of 65535
(This msg. is a reply to 62510 by ribit)

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No, the IRS will use the step transaction doctrine and boil the purchase and subsequent bargain sale for $1 down to one transaction - a gift. The form of the transactions will not prevail; the substance of the transactions will rule.




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The above is a reply to the following message:
Re: Why "College for Everyone"
By: ribit
in POPE
Tue, 26 Jun 12 9:20 PM
Msg. 62510 of 65535

dgp
...and when he sells it, he will have to pay taxes on it.


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