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Thread started 09/30/17 9:46am

laytonian

Scary thought about $75,000 boots

...and there are 3,000+ additional pieces of clothing in the estate, this could adversely affect tax issues with the estate and force some sell-offs.
Get out your calculator and figure 3,000x75,000. Then look at paying half that to federal and state estate taxes.
.
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Reply #1 posted 09/30/17 9:58am

luvsexy4all

if estate limited profiteering to MUSIC...they would be better off

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Reply #2 posted 09/30/17 2:53pm

BartVanHemelen

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laytonian said:

...and there are 3,000+ additional pieces of clothing in the estate, this could adversely affect tax issues with the estate and force some sell-offs. Get out your calculator and figure 3,000x75,000. Then look at paying half that to federal and state estate taxes. .

.

Have you never had an economics class? It is the lack of availability which is causing the huge price. Also, there's a massive difference between a pair of boots from Prince's prime era, ones which are particularly linked to a legendary tour, and some random outfit he wore in 2011.

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Reply #3 posted 09/30/17 3:34pm

laytonian

BartVanHemelen said:



laytonian said:


...and there are 3,000+ additional pieces of clothing in the estate, this could adversely affect tax issues with the estate and force some sell-offs. Get out your calculator and figure 3,000x75,000. Then look at paying half that to federal and state estate taxes. .

.


Have you never had an economics class? It is the lack of availability which is causing the huge price. Also, there's a massive difference between a pair of boots from Prince's prime era, ones which are particularly linked to a legendary tour, and some random outfit he wore in 2011.


.
As a matter of fact, I have, grasshopper.
.
I'm not talking economics.
I'm talking about the manner of extrapolated appraisal that the IRS could use.
We are not talking about 3,000 pairs of identical yellow boots but handcrafted, one of a kind items.
.
.
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Reply #4 posted 09/30/17 3:35pm

laytonian

luvsexy4all said:

if estate limited profiteering to MUSIC...they would be better off


.
That has nothing to do with appraisal of the estate for tax purposes.
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Reply #5 posted 09/30/17 6:13pm

laurarichardso
n

laytonian said:

...and there are 3,000+ additional pieces of clothing in the estate, this could adversely affect tax issues with the estate and force some sell-offs. Get out your calculator and figure 3,000x75,000. Then look at paying half that to federal and state estate taxes. .

Well I guess if the estate decides to start selling off stuff it could be a problem.

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Reply #6 posted 09/30/17 7:55pm

laytonian

laurarichardson said:



laytonian said:


...and there are 3,000+ additional pieces of clothing in the estate, this could adversely affect tax issues with the estate and force some sell-offs. Get out your calculator and figure 3,000x75,000. Then look at paying half that to federal and state estate taxes. .

Well I guess if the estate decides to start selling off stuff it could be a problem.


.
It doesn't have to be sold off to create a problem. Clothing and personal effects are taxable assets as well as real estate our the vault music. It all counts in the value of the estate and then taxes paid on the total value.
.
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Reply #7 posted 10/01/17 5:47am

udo

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Does an inflated sales price matter in the USA?

Not simply market pricing?

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Reply #8 posted 10/01/17 6:57am

BartVanHemelen

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laytonian said:

We are not talking about 3,000 pairs of identical yellow boots but handcrafted, one of a kind items. . .

.

They didn't get $75,000 because they were "handcrafted, one of a kind" items, they reached that price because they had been worn extensively by Prince, because there are photos of him wearing that pair or a pair similar to it, because he'd worn them on a legendary tour...

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Reply #9 posted 10/01/17 5:21pm

poppys

Lay has a point for sure.

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Reply #10 posted 10/01/17 11:35pm

ForeverPaisley

sad That makes me sad. One that all those items of Prince's were flogged, and two, the mere thought of the estate starting to flog some of the items at PP sigh

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Reply #11 posted 10/02/17 6:53am

laurarichardso
n

BartVanHemelen said:

laytonian said:

We are not talking about 3,000 pairs of identical yellow boots but handcrafted, one of a kind items. . .

.

They didn't get $75,000 because they were "handcrafted, one of a kind" items, they reached that price because they had been worn extensively by Prince, because there are photos of him wearing that pair or a pair similar to it, because he'd worn them on a legendary tour...

Okay the 2,000 shoes they have at Paisley Park were also worn extensively by Prince and their are plenty of photos of Prince wearing those shoes and after I thought about this Lay is correct this could have an effect on the valuation of the estate assets.

Just another reason why these auctions are terrible and maybe that is one of the reasons he shut them along with the possibility of the items being stolen.

Shame on Comerica for not stopping this.

[Edited 10/2/17 6:54am]

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Reply #12 posted 10/02/17 4:21pm

Zannaloaf

laurarichardson said:

BartVanHemelen said:

.

They didn't get $75,000 because they were "handcrafted, one of a kind" items, they reached that price because they had been worn extensively by Prince, because there are photos of him wearing that pair or a pair similar to it, because he'd worn them on a legendary tour...

Okay the 2,000 shoes they have at Paisley Park were also worn extensively by Prince and their are plenty of photos of Prince wearing those shoes and after I thought about this Lay is correct this could have an effect on the valuation of the estate assets.

Just another reason why these auctions are terrible and maybe that is one of the reasons he shut them along with the possibility of the items being stolen.

Shame on Comerica for not stopping this.

[Edited 10/2/17 6:54am]

They cant stop an auction they would have to PROVE the items did not belong to the person that had the items.

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Reply #13 posted 10/03/17 3:58am

laurarichardso
n

Zannaloaf said:

laurarichardson said:

Okay the 2,000 shoes they have at Paisley Park were also worn extensively by Prince and their are plenty of photos of Prince wearing those shoes and after I thought about this Lay is correct this could have an effect on the valuation of the estate assets.

Just another reason why these auctions are terrible and maybe that is one of the reasons he shut them along with the possibility of the items being stolen.

Shame on Comerica for not stopping this.

[Edited 10/2/17 6:54am]

They cant stop an auction they would have to PROVE the items did not belong to the person that had the items.

Prince stopped them all the time by simplly claiming the items being offered for sale were stotlen

Auction exsist to make money not fight off lawsuits.

All Comerica had to do was send a legal letter and I guarantee you the auction company would have pull that stuff down.

You actually have one person bragging about how the took a tamborine off a desk after he sat it down. That does not sound like a gift and I know he did not give away his checkbook.

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Reply #14 posted 10/03/17 9:03am

RodeoSchro

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laytonian said:

BartVanHemelen said:

.

Have you never had an economics class? It is the lack of availability which is causing the huge price. Also, there's a massive difference between a pair of boots from Prince's prime era, ones which are particularly linked to a legendary tour, and some random outfit he wore in 2011.

. As a matter of fact, I have, grasshopper. . I'm not talking economics. I'm talking about the manner of extrapolated appraisal that the IRS could use. We are not talking about 3,000 pairs of identical yellow boots but handcrafted, one of a kind items. . .



You are correct. Everything Prince had was one of a kind. While it will be impossible to categorize everything as "legendary", everything will be/has been valued at a premium. The only way to counteract that is to actually sell a number of items and establish as best a market value as the estate can.

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