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Posted on 12/6/19 at 3:36 pm to olgoi khorkhoi
quote:
If this is a common as you guys are implying, then the IRS is complicit and essentially looking the other way.
Keep in mind that the objective isn’t necessarily to defeat an audit if that happens. The objective is to avoid that kind of scrutiny in the first place. It’s a lot easier for “RandomName LLC to disclose things to the IRS when most of what it’s doing is legitimate business activity vs “We just sell guns illegally, pay our expenses and use the rest on hookers and blow”.
I also think you’re underestimating how difficult it is to trace the lineage of money that flows through an enterprise, especially if that money is moving around internationally among different entities. Yes, if someone has a reason to go digging they can follow the drops of oil and get to the bottom of things, but if you have no reason to suspect anything then it’s not going to be as obvious as you think.
Posted on 12/6/19 at 3:53 pm to StringedInstruments
quote:
They’re actually brilliant because they’re a) laundering money or b) avoiding taxes (I guess both) by spending a frickload on stupid art pieces.
You launder money by making it legal. You make it legal by putting it into your businesses so that it can be on the books.
You do not launder money by buying a worthless piece of art that can likely not even be authenticated and that will eventually go bad.. You know, because bananas have a shelf life.. Money laundering isn't getting rid of money.
Posted on 12/6/19 at 3:55 pm to theunknownknight
quote:
Stupid art purchase = money laundering
You people would make horrible criminals.
Posted on 12/6/19 at 4:03 pm to olgoi khorkhoi
quote:
If this is a common as you guys are implying, then the IRS is complicit and essentially looking the other way.
It is a lot more complex than that with multiple layers and the use of freeports, art lending, and using the art as collateral in different financial transactions. These are sophisticated criminal enterprises Moving millions and millions of dollars. The examples provided here are just a super dumbed down version. There is lots of interesting literature out there if it really peaks your interest.
Congress is currently trying to apply the banking secrecy act to arts and antiquities roght now because there is no Anti-Money Laundering legislation for Art. The BSA already applies to precious metals, jewels, and real estate, so criminals have ventured further into the high end art world due to the lack of regulation over super high dollar transactions.
Posted on 12/6/19 at 4:20 pm to GumboPot
quote:
It's a money laundering operation. They are laughing at people that believe this is art.
What’s up with all the art mansplaining lately?
Posted on 12/6/19 at 5:22 pm to Proximo
They watch too much TV..
Posted on 12/6/19 at 6:32 pm to NOFOX
quote:
There is lots of interesting literature out there if it really peaks your interest.
Posted on 12/8/19 at 12:17 pm to SuperSaint
quote:
Aren’t you the adult that has some special high dollar ergonomic gaming chair sitting in your living room that you sit in while gaming?
Yes, Sorry you are a poor stalker
Posted on 12/8/19 at 12:19 pm to J Murdah
quote:
Don't you spend close to $1000 on video games yearly?
No, but I buy what I want, sorry you cant!
Posted on 12/8/19 at 12:46 pm to StupidBinder
quote:
StupidBinder
I'm just curious. Do you regret your user name now?
I mean, that binder appears to have had the secret recipe in it. Not saying "I told you so", because I didn't tell you so. I'm just wondering.
Have a GREAT day!
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