IRS gets sov'run loner's gold

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Kestrel
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IRS gets sov'run loner's gold

Post by Kestrel »

Tahoe Daily Tribune: Quiet recluse turns out to be rich

Walter Samaszko Jr. died alone, leaving enough gold pigeonholed in his house to fill two wheelbarrows. Bullion value alone is estimated to be $7 million; numismatic value may be much higher.

This guy had been dead inside his home for about a month before authorities found the body. He also left no will and only one living relative, a cousin who didn't have any idea what was in the house.
Samaszko was “anti-government,” a recluse and a hoarder. “He never went to a doctor,” [Clerk/Recorder Alan Glover] said. “He was obsessed with getting diseases from shots.” There were a few conspiracy theory books in the home along with several guns, and supplies including dozens of cans of tuna and salmon among other things.

Glover said [the IRS] may want up to 75 percent of the total depending on whether Samaszko and his mother filed correct returns over the years. He said the taxman wants a minimum of $800,000.
The irony is that if this bitter recluse of a man had been a little less of a bitter recluse, he could have transferred a substantial portion of his gold to someone else without anyone being the wiser. In the end, his attempt to keep his wealth out of the ebil gummint's hands had just the opposite result.
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Re: IRS gets sov'run loner's gold

Post by Number Six »

Tragic in a lot of ways.

The problem with tangible assets is they are so easy to hide and so hard to audit, infact I wonder what percentage of tax auditors would know how to handle tangibles properly. If the guy had subscribed to one of the fringe publications he probably would have seen ads for tax lawyers who could have helped him. Paranoia and fear drive some of these people; it would go away if they just played by the rules.
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xanadu

Re: IRS gets sov'run loner's gold

Post by xanadu »

Is there any law against keeping gold in one's home ? Not that I ever heard of.

But as soon as this hoard was discovered, the IRS jumps in demanding a bunch of it.

No audit, no investigation, no hearing, no legal action what so ever.

Just because he had this gold, the IRS "ASSUMES" he is guilty........ ( of something ).
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Re: IRS gets sov'run loner's gold

Post by Gregg »

xanadu wrote:Is there any law against keeping gold in one's home ? Not that I ever heard of.

But as soon as this hoard was discovered, the IRS jumps in demanding a bunch of it.

No audit, no investigation, no hearing, no legal action what so ever.

Just because he had this gold, the IRS "ASSUMES" he is guilty........ ( of something ).
The only thing I can see the IRS is assuming he is guilty of is

a) being dead,but he is free to appeal that
b) having an estate with assets above the tax threshold
c) failing to make rather easy steps to attempt to adjust b) above

Just having a will would have made some difference, some planning ahead of time may have let his heirs avoid any tax at all, but he didn't trust educated elites, and, well, here we are.
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Re: IRS gets sov'run loner's gold

Post by notorial dissent »

I would also suspect in light of the quantity of gold found that there was probably some question about his actual income and taxes paid, or more to the point not paid, since by any stretch of the imagination, that was a pretty fair amount of gold to have accumulated.

Actually, if he was a for real hoarder, as some reports indicate, giving something away would have been a foreign concept to him, and I doubt if he could even have brought himself to have thought about it. Or he may have jsut been your average, garden variety crazy person, in which case it wouldn't matter either. In any event, I suspect the state and Fed will get most of it one way or another.
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Kestrel
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Re: IRS gets sov'run loner's gold

Post by Kestrel »

More clips from the news report:
Samaszko, 69, had lived in the house since the 1960s — with his mother until her death in 1992. [Before you ask, she got a conventional funeral and traditional burial. She wasn't found mummified in the bedroom or anything like that.]

Glover said Samaszko's mother apparently started buying gold in the 1960s. Throughout the years, first she — then he — kept detailed records of what was purchased, when and how much was paid.

The apparent source of his and his mother's wealth was that his father was a vice president of the J. Harris Pie Co., which sold out to what is now Mrs. Smith's Pie Co. before he died in an industrial accident.

[The IRS] may want up to 75 percent of the total depending on whether Samaszko and his mother filed correct returns over the years.
"Never try to teach a pig to sing. It wastes your time and annoys the pig." - Robert Heinlein