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Posted
  On 1/14/2012 at 3:42 AM, Marv said:

Cruised Chippawa, tried to pick up chicks with "my way cool painting," drank way too many Genny's, got drunk on his ass, crashed on somebody's couch, put the painting underneath for safe keeping,...and now you know the rest of the story!

Boy I hate it when THAT happens

Posted
  On 1/14/2012 at 3:42 AM, Marv said:

Cruised Chippawa, tried to pick up chicks with "my way cool painting," drank way too many Genny's, got drunk on his ass, crashed on somebody's couch, put the painting underneath for safe keeping,...and now you know the rest of the story!

 

 

If the chicks knew that painting was worth $300MM you might have had different luck.

Posted
  On 1/13/2012 at 6:57 PM, Fan in San Diego said:

Do capital gains kick in on this if the painting is sold?

 

Absolutely! And at a much higher rate than for ordinary assets. Valuables are taxed at a long term rate of 28% Fed. I don't know what the LT rate on valuables in NYS is.

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