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- Apr 6, 2002
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This subject raises some interesting senario's.
Most very valuable domain names and websites should be owned by Corporations registered off shore in tax free zone countries Islands etc .. to minimise their tax obligations where they can.
A private individal to use a ghost case senario could and would run into all sorts of problems, with a very large sale say the 7.5 Million dollars mentioned in the other thread.
If such a name was sold the I.R.S would immediately impound 50% of the funds until that person had lodged the end of year tax returns, also there maybe a State tax to pay on such a transaction.
And there is more .. if your were a Foreigner from another Country .. the double, triple, even quadriple whammyy may come into play.
Not only will the US. tax you but your Countries tax department may also hit you up for tax on the entire amount that the proceeds were for, some Countries do not take into account that you have already paid tax to the Country of origin.
Then there is the sales tax that may be added VAT GST ect ... if you were lucky enough to hit a jackpot name and sell it many things need to be taken into account before you closed such a deal.
I wouldn't seek advice from Andersons though ..
:evil: Advocate.
.
Most very valuable domain names and websites should be owned by Corporations registered off shore in tax free zone countries Islands etc .. to minimise their tax obligations where they can.
A private individal to use a ghost case senario could and would run into all sorts of problems, with a very large sale say the 7.5 Million dollars mentioned in the other thread.
If such a name was sold the I.R.S would immediately impound 50% of the funds until that person had lodged the end of year tax returns, also there maybe a State tax to pay on such a transaction.
And there is more .. if your were a Foreigner from another Country .. the double, triple, even quadriple whammyy may come into play.
Not only will the US. tax you but your Countries tax department may also hit you up for tax on the entire amount that the proceeds were for, some Countries do not take into account that you have already paid tax to the Country of origin.
Then there is the sales tax that may be added VAT GST ect ... if you were lucky enough to hit a jackpot name and sell it many things need to be taken into account before you closed such a deal.
I wouldn't seek advice from Andersons though ..
:evil: Advocate.
.
