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General Chat (Vincent Related)
capital gains tax
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<blockquote data-quote="timetraveller" data-source="post: 17543" data-attributes="member: 456"><p>I do not know the law in the USA but my understanding of English law is that there will be no liability of any sort, either on your estate or upon your friends, on those bikes upon your death. That was the John Lumley problem. He made it quite clear as to what he wanted to happen to his bikes years before his death; he informed me as to what he wanted to happen to his astronomical bits and pieces and upon learning of his terminal condition, he again made it clear to his family what was to happen to the bikes, all of which were in small parts. His, and his family's, wishes were carried out but due to interference from people who had nothing to do with the situation there is now a huge tax liability and his terminally ill 84 year old brother and his wife are now being hounded to their graves. He had paid £1,000 for the whole lot may years ago but that makes no difference to the tax man. I suppose that the tax man and the other piles of p-o sleep soundly in their beds at night but they shouldn't.</p></blockquote><p></p>
[QUOTE="timetraveller, post: 17543, member: 456"] I do not know the law in the USA but my understanding of English law is that there will be no liability of any sort, either on your estate or upon your friends, on those bikes upon your death. That was the John Lumley problem. He made it quite clear as to what he wanted to happen to his bikes years before his death; he informed me as to what he wanted to happen to his astronomical bits and pieces and upon learning of his terminal condition, he again made it clear to his family what was to happen to the bikes, all of which were in small parts. His, and his family's, wishes were carried out but due to interference from people who had nothing to do with the situation there is now a huge tax liability and his terminally ill 84 year old brother and his wife are now being hounded to their graves. He had paid £1,000 for the whole lot may years ago but that makes no difference to the tax man. I suppose that the tax man and the other piles of p-o sleep soundly in their beds at night but they shouldn't. [/QUOTE]
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capital gains tax
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