JÂy RÛßeÒ Posted January 14, 2012 Posted January 14, 2012 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
\GoBillsInDallas/ Posted January 14, 2012 Posted January 14, 2012 Lost Michel angelo painting found in Buffalo I went to school in Buffalo with a guy named Mike Angelo. I never realized that he went on to become a famous artist!
BuffaloBill Posted January 14, 2012 Posted January 14, 2012 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.
Chef Jim Posted January 14, 2012 Posted January 14, 2012 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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