39
   

To stay or not to stay ---That is the question.

 
 
OmSigDAVID
 
  -1  
Reply Tue 27 Oct, 2009 07:21 am
@Francis,
David wrote:
For instance, I knew a trial attorney who did so fine a job
that his firm gave him a $10,000 bonus, above his ordinary remuneration.
I am confident that the IRS deems that ordinary income, taxed as such.
If his employer was so happy with his achievements that he paid
that attorney 's income tax on the bonus, the IRS woud deem
the tax payment as additional ordinary income which is subject
to taxation and if employer re-imbursed attorney for such additional taxation
this woud go on in a cycle ad infinitum.
U agree with that ?

Francis wrote:
Quote:
I'm surprised again that you show such little knowledge about basic stuff.
I have never, never pretended to any expertise concerning taxes,
nor have I ever even hinted at advising anyone what to do about them.


Francis wrote:
Quote:
The principle is: no taxes on taxes.
Have u ever heard of a surtax ?

Anyway, in my example, the tax woud be on THE RE-IMBURSEMENT
for any tax, not on the tax itself.
I believe that is how the IRS looks upon it.


David wrote:
On the other hand,
if I encounter a stranger passing in the street
and give him $1,000, 000 then I owe a gift tax and the stranger owes nothing, in my opinion.
He did not earn the income.
I believe that is not taxable income, as distinct from the aforesaid attorney 's bonus.

Francis wrote:
Quote:
Beliefs unfounded..

It's the same thing, that stranger owes taxes on is income, not you.

Remember that you paid already your taxes on your earning this money, you so liberally give.
We take our net income after taxes and use it to make purchases, for which we are charged sales taxes.
Here in NY, we continue to pay sales tax that was enacted to defeat the 3rd Reich in war.

I can be mistaken, but it is my impression that if an employer
so dearly loves his employee as to pay his taxes for him,
or to re-imburse him for paying tax, then the employee owes
income tax on the amount of the re-imbursement.
That is how I learned, it. I know not whether it has been changed,
but I have been under the impression that the income tax
applies to "earned income" -- which is distinct from a free gift
which is unrelated to any form of commerce.

As I recall, there is no where indicated on the 1040 form
for listing free gifts.

I have never heard of any individual sending notice
to the IRS of a free gift, except as to a charity
concerning which he desires a deduction.

If I give my girlfriend a mink coat and valuable jewelry,
I am not expected to notify the IRS so that she is held to account
as to her income tax, neither am I entitled to any deduction
(as I woud be if I donated to a charity),
tho I very well might owe a gift tax.


Again: I do not pretend to be certain about this, or any tax law.

0 Replies
 
Ticomaya
 
  2  
Reply Tue 27 Oct, 2009 08:23 am
@Francis,
Francis wrote:
David wrote:
For instance, I knew a trial attorney who did so fine a jobthat his firm gave him a $10,000 bonus, above his ordinary remuneration. I am confident that the IRS deems that ordinary income, taxed as such. If his employer was so happy with his achievements that he paid that attorney 's income tax on the bonus, the IRS woud deem the tax payment as additional ordinary income which is subject to taxation and if employer re-imbursed attorney for such additional taxation this woud go on in a cycle ad infinitum.
U agree with that ?

I'm surprised again that you show such little knowledge about basic stuff.

The principle is: no taxes on taxes.

and wrote:
On the other hand, if I encounter a stranger passing in the street and give him $1,000, 000 then I owe a gift tax and the stranger owes nothing, in my opinion. He did not earn the income. I believe that is not taxable income, as distinct from the aforesaid attorney 's bonus.

Beliefs unfounded..

It's the same thing, that stranger owes taxes on is income, not you.

Remember that you paid already your taxes on your earning this money, you so liberally give.

Whenever I have tax questions, I ask the Taxgirl ... she says:

"Gifts of cash are not taxable to the recipient for federal income tax purposes. So, when your mom writes you a check for $10,000, you don’t have to do a thing except tell her thank you."

In this case she seems to think David is correct.

The TurboTax folks seem to agree with her:

"If you give people a lot of money or property, you might have to pay a federal gift tax. But most gifts are not subject to the gift tax. For instance, you can give up to the annual exclusion amount ($12,000 in 2008 and $13,000 in 2009) to any number of people every year, without facing any gift taxes. Recipients never owe income tax on the gifts."
blatham
 
  1  
Reply Tue 27 Oct, 2009 08:23 am
@aidan,
Quote:
and somehow it felt wrong- should I be ignored for laughing at that?


I think so. Because of this post and many other inexcusable earlier posts, I now have put myself on ignore.
0 Replies
 
blatham
 
  0  
Reply Tue 27 Oct, 2009 08:48 am
What?
0 Replies
 
Cycloptichorn
 
  0  
Reply Tue 27 Oct, 2009 08:51 am
Is someone talking?

Cycloptichorn
0 Replies
 
blatham
 
  2  
Reply Tue 27 Oct, 2009 08:52 am
Jesus! Why didn't I think of this before? Now that I have myself on 'ignore' I can say anything I want and then just ignore it.

My posts teem with dominance cues.
OmSigDAVID
 
  0  
Reply Tue 27 Oct, 2009 09:05 am
@Ticomaya,
Ticomaya wrote:

Francis wrote:
David wrote:
For instance, I knew a trial attorney who did so fine a jobthat his firm gave him a $10,000 bonus, above his ordinary remuneration. I am confident that the IRS deems that ordinary income, taxed as such. If his employer was so happy with his achievements that he paid that attorney 's income tax on the bonus, the IRS woud deem the tax payment as additional ordinary income which is subject to taxation and if employer re-imbursed attorney for such additional taxation this woud go on in a cycle ad infinitum.
U agree with that ?

I'm surprised again that you show such little knowledge about basic stuff.

The principle is: no taxes on taxes.

and wrote:
On the other hand, if I encounter a stranger passing in the street and give him $1,000, 000 then I owe a gift tax and the stranger owes nothing, in my opinion. He did not earn the income. I believe that is not taxable income, as distinct from the aforesaid attorney 's bonus.

Beliefs unfounded..

It's the same thing, that stranger owes taxes on is income, not you.

Remember that you paid already your taxes on your earning this money, you so liberally give.

Whenever I have tax questions, I ask the Taxgirl ... she says:

"Gifts of cash are not taxable to the recipient for federal income tax purposes. So, when your mom writes you a check for $10,000, you don’t have to do a thing except tell her thank you."

In this case she seems to think David is correct.

The TurboTax folks seem to agree with her:

"If you give people a lot of money or property, you might have to pay a federal gift tax. But most gifts are not subject to the gift tax. For instance, you can give up to the annual exclusion amount ($12,000 in 2008 and $13,000 in 2009) to any number of people every year, without facing any gift taxes. Recipients never owe income tax on the gifts."
Thank u, Tico. That 's what I thought.





David
0 Replies
 
spendius
 
  0  
Reply Tue 27 Oct, 2009 09:21 am
@blatham,
Quote:
Jesus! Why didn't I think of this before? Now that I have myself on 'ignore' I can say anything I want and then just ignore it.


Jesus--have you only just thought of that Bernie? You're obviously not as Americanised as you think.

In fact, ignoring yourself is what public service is supposed to be all about. How can one be objective if one is taking oneself into account. Hence the priestly vows. (And please no infantile wisecracks about them shagging all the nuns).

And surely you can't expect to ever have influence otherwise. Napoleons say "not tonight Josephine".

Don't you think it was kind of me to justify you ignoring that post of mine a bit back.

0 Replies
 
kickycan
 
  5  
Reply Tue 27 Oct, 2009 09:36 am
@maporsche,
maporsche wrote:
Or they do the much more common post where they simply call the other poster names and behave like insolent children on a pre-school playground.


said the sphincter-boy as he tried desperately to extract his head from his own anal cavity.
Cycloptichorn
 
  1  
Reply Tue 27 Oct, 2009 09:37 am
@kickycan,
kickycan wrote:

maporsche wrote:
Or they do the much more common post where they simply call the other poster names and behave like insolent children on a pre-school playground.


said the sphincter-boy as he tried desperately to extract his head from his own anal cavity.


Some of these guys have such thin skins, it's ridiculous. Makes you wonder how they interact with other guys in their real lives.

Cycloptichorn
spendius
 
  0  
Reply Tue 27 Oct, 2009 10:11 am
@Cycloptichorn,
I often wonder about that Cyclo.
0 Replies
 
Ticomaya
 
  2  
Reply Tue 27 Oct, 2009 10:14 am
@Cycloptichorn,
Cycloptichorn wrote:
Some of these guys have such thin skins, it's ridiculous. Makes you wonder how they interact with other guys in their real lives.

I can only speak for myself, but I don't tend to call people names or act like an child on a playground. I tend to be professional, courteous, and polite. Just like my momma taught me.
spendius
 
  1  
Reply Tue 27 Oct, 2009 10:25 am
@Ticomaya,
I had Momma on Ignore.
0 Replies
 
Cycloptichorn
 
  0  
Reply Tue 27 Oct, 2009 10:25 am
@Ticomaya,
Ticomaya wrote:

Cycloptichorn wrote:
Some of these guys have such thin skins, it's ridiculous. Makes you wonder how they interact with other guys in their real lives.

I can only speak for myself, but I don't tend to call people names or act like an child on a playground. I tend to be professional, courteous, and polite. Just like my momma taught me.


Wow, you just sound like a blast to hang out with. Just tons of fun.

Cycloptichorn
Francis
 
  1  
Reply Tue 27 Oct, 2009 11:13 am
Tico wrote:
In this case she seems to think David is correct.


Verisimilitude is not truth, Tico.

You just cited one of the exceptions of the general rule.

However, I don't want to clog this thread with fiscal stuff.

I'd be pleased if those who think they are exempted from gift tax, open a thread about this topic...

aidan
 
  1  
Reply Tue 27 Oct, 2009 11:45 am
@spendius,
Quote:
I don't recall any ladies being called trolls.

Pamela Rosa- does that ring a bell?
I used to find her absolutely fascinating. I'd have loved to have known what happened to her in her life to make her see things as she does.
On the one hand I think, it's really none of my business - she thinks what she thinks.
But on the other hand - she puts it out there - she should be able to back it up.
I've sort of lost interest though because she just cuts and pastes usually. The only time she was up for conversation was when I asked her what color her eyes were. I have to admit she blew my pet theory with her green/blue answer.
Quote:
The soggy left males are male chauvinist pigs to the marrow of their bones and they think a few easy-to-do formulaic words hide the fact.
The equal opportunities agenda of the soggy left stops short at that point. It's as patronising as opening doors for ladies. Male chauvinist piggery with smarm.

And how would you describe you rigid righties (and no - rigid is not a compliment in this context).
aidan
 
  0  
Reply Tue 27 Oct, 2009 11:54 am
@aidan,
And constitutional girl was REALLY funny.
0 Replies
 
DrewDad
 
  0  
Reply Tue 27 Oct, 2009 12:27 pm
@Francis,
http://www.irs.gov/businesses/small/article/0,,id=108139,00.html
0 Replies
 
OmSigDAVID
 
  -1  
Reply Tue 27 Oct, 2009 12:44 pm
@Francis,
Francis wrote:

Tico wrote:
In this case she seems to think David is correct.


Verisimilitude is not truth, Tico.

You just cited one of the exceptions of the general rule.

However, I don't want to clog this thread with fiscal stuff.

I'd be pleased if those who think they are exempted from gift tax, open a thread about this topic...


THAT is not the issue, Francis; it is whether gifts that are unrelated to commercial enterprize
(i.e., are not bonuses nor prizes for participation) are tax free to the donee.
0 Replies
 
OmSigDAVID
 
  1  
Reply Tue 27 Oct, 2009 01:26 pm

I began the requested thread, Francis,
whose focus is on income taxation as to free gifts,
as distinct from gift tax due from donor.
0 Replies
 
 

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