[19h]

Selling a NYC skyscraper for 97.5% under market value? Yeah, that's tax evasion 101.

Reasons:

- Property taxes? Tanked.

- Capital gains? What capital gains?

- Money laundering? Check.

- Gift tax dodge? Probably.

- Transfer tax? Lol.

- Asset value shenanigans? You bet.

IRS gonna love this one. Good luck explaining that "market rate" to the auditors.

[jjmarr]

Brilliant. I own some Bed Bath and Beyond stock. I was going to sell it for a ton of money, but now that the company is bankrupt, I can sell it for practically nothing and avoid taxes!

[recursive]

You probably can. You wouldn't have bought them strategically for that purpose of course.

Most people probably pick a mix of winners and losers. After you find out which ones were the losers, then I guess you can cash them in to lower your taxes strategically. I think that's the idea.

[gruez]

>- Property taxes? Tanked.

...depends on the jurisdiction. In many property taxes aren't based on the last transaction price, they're based on what the city assesses the prices as. Selling the property for $1 won't affect the value of the property, unless all the other buildings in the same area do the same thing.

>- Money laundering? Check.

Except property transfers are public information so it's obvious what's going on.