Check out this article currently on MSNBC. It concerns trophy hunters that donate their mounts to museums and then take decuctions on excessive valuations of their collections. You'll see that by doing this, you can "hunt for free..."

Interesting, although none too flattering to hunters, appraisers or museums.

BTW, like all of us, I am already in the business of turning money into hunting trips and trophies.

So now if I charter myself as a non-profit, "The Wildlife Experience of New England," I can turn my trophies into tax breaks, get audited by the IRS and pay a mountain of back taxes, penalties and interest.

Where do I sign?

[QUOTE]Originally posted by mrlexma:


So now if I charter myself as a non-profit, "The Wildlife Experience of New England," I can turn my trophies into tax breaks, get audited by the IRS and pay a mountain of back taxes, penalties and interest.

QUOTE]

Not to mention the mountain of legal fees to get you out of the tax liability.

Here's the whole story as printed in the Washington Post this morning. Senator Grassley (Senate Finance Comm.) is having hearings on this today. Great pity that those who legitimately donate for serious museum and educational purposes are now at risk by actions of the greedy. Regards

http://www.washingtonpost.com/wp-dyn/articles/A26324-2005Apr4.html

Get real guys, have you seen what farmers, ranchers, big business, little business and who knows who can deduct....

I know very wealthy politicians who brag openly about never having to pay a dime of taxes.

I would bet my ass and half of Georgia that old Grassley has more deductions than a porquepine has quills, these arrogant bastards that scream holy'er than thou make me sick...Just his salary and retirement alone is criminal and guess who passed that legislation..They ought to hang the lot of them...

Ray has the correct interpretation of this.

With the top 1% of American taxpayers now paying 33.7% of all income taxes (up from 32.7% before the recent "tax cuts"), the idea that wealthy people (including politicians) are using deductions to get out from under their burden just doesn't hold water.

Source: US Treasury, March 2, 2005

Where in the hell have you been Spring, pull you head out my man!

Where've I been?? Getting hammered by taxes, Ray!

quote:

Originally posted by Atkinson:
these arrogant bastards that scream holy'er than thou make me sick...Just his salary and retirement alone is criminal and guess who passed that legislation..They ought to hang the lot of them...

+1

Spring,

I am with you. Having just finished my tax preperation with my accountant, I am thoroughly disgusted and feel that I pay WAY too much in taxes.

DAH

Bwanahile,
It's the Alternative Minimum Tax that keeps the heavy deductions from letting most higher than average taxpayers get by without paying. Aside from the person that lives almost exlusively on tax-free bond interest, old Uncle Sam will get you these days, and even municipal interest has to be reported to determine if the AMT can still impact your return.
It's tax-month for many of us, and not a good time to suggest that there's a scheme out there there to avoid it!

I had a Marco Polo sheep mount appraised for $50,000 by a museum of natural history that shall remain nameless. I couldn't get them interested in anything else though. $50,000 deduction at the highest marginal tax break wouldn't have paid for the trip though.

I'm not going to read the linked articles 'cuz it would get me geeked up and ruin an otherwise pleasant evening. But what they are exposing is nothing new. Not just hunting, but many other pursuits.

For example, how many professional conventions are held in vacation type places, like Vegas. Because of continuing education requirements, these things end up being a deductible expense. People go to four hours of required "training" then go hit the pool/beach/nightclub, etc.

Down the street from where I live is restaurant done in a golf motif. The owner goes all over the world playing golf and drags home some decorations, and somehow he deducts part of it as a business expense.

The list of this kind of thing goes on and on. Turn your hobby into a business and then "enjoy" as many deductions as you can under the guise of business. So a hunter donates something to a museum and gets a tax deduction? No big deal.