[ARC5] IRS Goes After Ebayers- Hamfest Leverage??

[Mike Feher]

Hey Joe -

Please make sure you let the IRS know that you bought those radios from
me for way below the going rate, :). Also, as an attorney, you should
have some insight into these matters, I would think. I am now in sunny
Atlanta. Regards - Mike

 
Mike B. Feher
EOZ Inc.
89 Arnold Blvd.
Howell, NJ, 07731
732-886-5960
908-902-3831 - cell
 
 

-----Original Message-----
From: arc5-bounces at mailman.qth.net [mailto:arc5-bounces at mailman.qth.net]
On Behalf Of Carole White-Connor
Sent: Sunday, February 25, 2007 3:40 PM
Cc: ARC5 at mailman.qth.net
Subject: Re: [ARC5] IRS Goes After Ebayers- Hamfest Leverage??

Hamfests are not immune either, at least from state officials enforcing
a state
sales tax. A few years ago in New Jersey, state tax officials started
breaking
chops at train shows because the vendors were not collecting sales tax
on their
sales and, more importantly, sending the tax revenues to the state
Division of
Taxation.

If there are any accountants on the list, I would be curious about the
tax
ramifications of:

1. Someone selling an SK's radios on behalf of the estate (probably for
well
below cost); and

2. Someone selling their own radios below cost to clean out their
basement etc.

The situations mentioned above would seem to be functionally different
than a
dealer (i.e., someone who buys radios for purposes of resale, does some
restoration or repair on the sets, and sells those radios for
significantly
more than he/she bought them for).


Joe Connor

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