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  • #16
    Originally posted by Fenndery View Post
    OK I have 2 questions that I only want your honest , brutal is ok , opinions on . So please , If you believe his story and support it via posts on this forum , then it should not be a problem answering these queries:

    What , in your opinion , is the reason he left the treasure in a vault in an another state than which he resides ?

    And 2 : Why has he not sold the chest ?

    THANKS IN ADVANCE .
    Has Jack said he has not already negotiated a deal? Is Jack waiting to close the transaction to reduce his total tax burden and increase his 'net return after taxes'. To be a 'long term gain' does require a 1 year asset ownership period. Now, the big question is will Biden's proposal to change to the capital gains tax rate to 39.5% be retroactive to Jan. 1, 2021? It could be and wouldn't that be a liberal kick to the millennial groin ... OUCH!

    Sometimes things don't always change for the better.

    and btw, I'm not a jack supporter or detractor.
    Last edited by mountain digger; 05-01-2021, 09:24 PM.
    If you don't know what I'm not talkin' about, then just don't pay me no nevermind ... mountain digger

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    • #17
      1. Familia Fenn is the only source of provenance.
      2. Jack is clearly long the Treasure.
      Noooobody expects the Chase Underground. Our chief weapons are fear, surprise, ruthless efficiency, and an almost fanatical devotion to the POEM.

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      • #18
        what kindof question is that? Leave the chest in a NM vault as opposed to what? Drive all the way back east with the gold in the car?

        Comment


        • #19
          In theory, June 6th would mark the transition point from short term to long term capital gains on any treasure chest sale, so there is incentive to hold onto it at least that long.

          Comment


          • #20
            Originally posted by Fenndery View Post
            OK I have 2 questions that I only want your honest , brutal is ok , opinions on . So please , If you believe his story and support it via posts on this forum , then it should not be a problem answering these queries:

            What , in your opinion , is the reason he left the treasure in a vault in an another state than which he resides ?

            And 2 : Why has he not sold the chest ?

            THANKS IN ADVANCE .
            There's no reason for him to establish residency in Puerto Rico. He wouldn't escape taxes there. The Puerto Rico theory was just some jealous person making up a story that they couldn't prove and impressionable people buying into it.

            Comment


            • #21
              Simple. He's got options and time to weigh which road he wants to take. The only reason that people who haven't found the chest are demanding he sell it is because they want to dictate what he does with his property. There are a lot of good financial reasons why he wouldn't sell it just yet.

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              • #22
                Originally posted by ThanosSnappedtheChest View Post
                Simple. He's got options and time to weigh which road he wants to take. The only reason that people who haven't found the chest are demanding he sell it is because they want to dictate what he does with his property. There are a lot of good financial reasons why he wouldn't sell it just yet.
                What are the reasons for him to not take a picture of what might be for sale? For promotion sake and to keep the interest alive, a simple picture would have been essential, not to mention doing a few interviews. Jack and his agents have zero marketing skills.

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                • #23
                  Originally posted by colokidd View Post
                  What are the reasons for him to not take a picture of what might be for sale? For promotion sake and to keep the interest alive, a simple picture would have been essential, not to mention doing a few interviews. Jack and his agents have zero marketing skills.
                  If something might be for sale, it' means that it's not currently for sale. He doesn't have any reason to promote it until he makes a decision on a venue, place, time and representation in order to sell it. Also, if he does a private sale, he can send photos via representation privately. If and when the chest is sold, it'll likely be a silent auction, not something that's made public to non-buyers. A simple picture is only essential for non-buyers.. I'd also consider have

                  Jack is smart not to do interviews at this time. He's had people in this community get pictures of his family and old apartment from Facebook, people want to hire investigators to follow him, etc. Jack is very smart in controlling the narrative until he makes a decision. Honestly, he's given more than I would have. I'd have disappeared with it. Jack's doing the right thing.

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                  • #24
                    Originally posted by ThanosSnappedtheChest View Post

                    If something might be for sale, it' means that it's not currently for sale. He doesn't have any reason to promote it until he makes a decision on a venue, place, time and representation in order to sell it. Also, if he does a private sale, he can send photos via representation privately. If and when the chest is sold, it'll likely be a silent auction, not something that's made public to non-buyers. A simple picture is only essential for non-buyers.. I'd also consider have

                    Jack is smart not to do interviews at this time. He's had people in this community get pictures of his family and old apartment from Facebook, people want to hire investigators to follow him, etc. Jack is very smart in controlling the narrative until he makes a decision. Honestly, he's given more than I would have. I'd have disappeared with it. Jack's doing the right thing.
                    So he is not or was not interested in driving up the price at an opportune time? If I was a potential buyer I’d be absolutely ecstatic, financially, with the negative publicly Jack has allowed. Jack is smart? I’m sure, he is kicking himself in the ass for not taking advantage of this once in a lifetime achievement. This whole ending has been one big doh! for Jack.
                    Last edited by colokidd; 05-02-2021, 07:07 PM.

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                    • #25
                      Originally posted by Zapster View Post
                      In theory, June 6th would mark the transition point from short term to long term capital gains on any treasure chest sale, so there is incentive to hold onto it at least that long.
                      Your reply is my subconscious reason for starting this thread . This is an area I have zero experience in . So does the tax get applied if you sell it privately ? Or are we talking about him getting charged tax if he announces he has it ? In other words , could you explain how and why and where capital gains tax is applied or how the irs comes in to play to say "you owe us taxes , long term or short term either way you owe" How does the irs know when you got it , or how long you have had it ?
                      thanks in advance . I am sincerely and cub scouts honor interested and awaiting your reply .

                      Comment


                      • #26
                        I'm not a tax professional, but my understanding of the tax laws is that Jack would owe ZERO federal taxes until he sells it -- if even then. (State taxes are a separate subject.) He may owe nothing even if he DOES sell it. If you own a car or a boat and you sell it privately, do you owe federal taxes on the sale? I don't believe so. Somewhat different situation, I guess, since those are almost always depreciating assets. But since you don't get to claim a deduction for the loss in value on a sold car, it seems to me you shouldn't be taxed on the sale of a gift. Forrest already "paid" that tax, in the form of a reduction in his lifetime gift tax exemption.

                        But like you, I'd love to hear from a tax expert -- one who may very well disabuse me of my silly, if logical, notions. ;-)

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                        • #27
                          'Cost basis' is what a gift was valued at (appraised value) at the time the gift is received. When and if sold, one would pay taxes on any 'gain' (sale price -appraised value -selling expenses). If asset held at least 12 month after his acquisition date, the 'gain' is taxed at long term capital gain tax rate (currently 15%). Short term capital gains are taxed as 'ordinary income'. Taxes only due if and when sale is completed. A taxpayer or their rep must report it on the tax return for the year it is sold. 'Ordinary income' tax would be significantly more than tax at 15% long term cap gains tax rate.

                          Nobody is a tax expert with our tax code, certainly not me. lol
                          If you don't know what I'm not talkin' about, then just don't pay me no nevermind ... mountain digger

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                          • #28
                            Originally posted by colokidd View Post
                            So he is not or was not interested in driving up the price at an opportune time? If I was a potential buyer I’d be absolutely ecstatic, financially, with the negative publicly Jack has allowed. Jack is smart? I’m sure, he is kicking himself in the ass for not taking advantage of this once in a lifetime achievement. This whole ending has been one big doh! for Jack.
                            He will drive the price up at a private auction or sale, with a representative to do so, just like plenty of other items. Doing so publicly to a bunch of non-buyers makes no sense. Jack's not responsible for the negative people or publicity. The crazies are trying to run the asylum. The ending hasn't been a 'doh!' at all. He's got the chest and plenty of time to decide how to proceed. Jack is doing everything correctly thus far.

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                            • #29
                              Originally posted by ThanosSnappedtheChest View Post

                              He will drive the price up at a private auction or sale, with a representative to do so, just like plenty of other items. Doing so publicly to a bunch of non-buyers makes no sense. Jack's not responsible for the negative people or publicity. The crazies are trying to run the asylum. The ending hasn't been a 'doh!' at all. He's got the chest and plenty of time to decide how to proceed. Jack is doing everything correctly thus far.
                              “Doing so publicly to a bunch of non-buyers makes no sense.” Why? non-buyers can be found in the public too and non-buyers are only non-buyers until they buy something and then they are known as buyers.

                              Jack is solely responsible for this crap of an ending, he is the “finder” who else could possibly be responsible?
                              Last edited by colokidd; 05-02-2021, 09:54 PM.

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                              • #30
                                I believe it was found in a place that could create legal problems for him, so it’s in Santa Fe and hidden away in a vault that is certainly not associated with his name but associated with a trusted person. I also think that Jack has already made his money from the treasure….

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