The REAL Story of the Langbord 1933’s

If there was no value placed on these coins because of legal concerns,
authenticity, ownership, etc. there's no tax implications.
If they were taxed on these things, that would imply that they are the real owners. Which isn't possible since these particular coins were never allowed to be in private hands, and these 10 specimens were obtained illegally.

 

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Have you even read the history of the Farouk specimen that was sold in 2002? Please do, then we can talk.

 

You're too condescending to talk to.
Yes I have read about that coin.

 

Nice edit to remove the objectionable part.

For those who are interested, this is one of the best concise histories of 1933 Double Eagles. To get any more, a significant amount of reading is necessary.

http://goldrushgallery.com/news/faroukcoin.html

FWIW, one of the teeming throng at New York that day was yours truly.

 

Yea,

You're right. Extensive knowledge of the 1933 Double Eagle is a requirement for all IRS employees working in the estate tax division.

 

I don't believe the IRS has an estate tax division.

 

Are you kin to Kurt?

 

All people following The Truth (note the capital letters) are my kin.

 

Nope. Just stating the IRS doesn't have a specific Estate Tax Division.

 

Not enough work for a dedicated staff. VERY few estates have federal tax involvement.

 

If the family claimed to have “inherited” the coins, then taxes were due. If they claimed the coins were “miraculously found” then they’d play the deuce proving they “owned” them.

Any attempt by the family to legitimize their possession of these coins is bound to fail — if the law is followed.

 

... because no flunky accidentally issued an export license for them. Many people have no idea that perhaps as many as 2/3 of currently available classic U.S. gold coins spent significant time in other countries, and thereby evaded the smelters. The precise ratio is speculative.

 

As usual Kurt, you're right on top of it - that was a nice concise, synopsis; I imagine there was a lot of "ooh-ing & ah-ing" that day!

 

CoinZip, Is my memory deceiving me, or have I seen a similar Hat somewhere ???

 

It was over so quickly. It was like, “Is that it?” We all got commemorative certificates.

 

Ah yes, the ubiquitous "sole discretion" clause.

 

Well, in the spirit of this thread, we had a trial court rule in favor of the government's position, a single appellate judge rule in favor of the Langbords, and an en banc Circuit Court of Appeals again reverse her and rule in favor of the government. And yet and still, the Langbords had the right to appeal to the Supreme Court, who denied certiorari.

Maybe you'll disagree, but the one thing lacking in all that is "sole discretion". In addition, all those rulings are transparent and backed by reasoning written down. Not that I believe administering a chat board is that heavy.

Now you, personally, have been lavish in explaining your rulings when asked. I wish I could say the same for Jim. But I can't.

 

Hmm. I'll admit that civics was never my strongest interest. What are the checks and balances that the CoinTalk Constitution imposes on the office of Doug? Because I don't remember reading that Article at all.