Ferrari Mailing List: Re: Fwd: How Chickens*t Is The IRS?

[LarryT (l02turner]

Ya'll wrote<<he donated every dime of the money to
the War Relief Fund, the IRS said it was 'taxable income' and took what
money he had saved during his career before >>

I wonder if the War Relief Fund was tax deductible?   If so, all the income 
made should have been wiped out by the deductions given.  Either there's 
more to this, or the War Relief Fund donations were taxed -

Bye ya'll

Larry T (67 MGB, 74 911, 78 240D, 91 300D)
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----- Original Message ----- 
From: "Dennis Liu" <bigheaddennis [at] gmail.com>
To: "Larry Turner" <l02turner [at] comcast.net>
Cc: "'The FerrariList'" <ferrari [at] ferrarilist.com>
Sent: Friday, September 28, 2007 11:36 AM
Subject: Re: [Ferrari] Fwd: How Chickens*t Is The IRS?


> Willi wrote:
>
> > I watched?the Bud Greenspan documentary' "Kings of the Ring: The
> Heavyweight Champions' on Sundance today.?Bud brought up the story of Joe
> Lewis and how he was shafted by the IRS during WW2. After Pearl Harbor, 
> Joe
> enlisted in the U.S. Army as a private. Not like most of the 'fairy'
> Hollywood types who went in a captians, majors, etc. and never left
> Hollywood.?In his off-duty time he held boxing exhibitions to help raise
> money for our fighting men. Although he donated every dime of the money to
> the War Relief Fund, the IRS said it was 'taxable income' and took what
> money he had saved during his career before the war. Joe ended up 
> penniless
> as a greeter for some casino in Las Vegas before dying broke. Later, my 
> 1st
> wife and I were in a joint in 'Vegas one night and met Sonny Liston, 
> working
> the same kind of gig. The 'Little Lady' went over to him and asked, "Hey,
> mister, aren't you Mohammed Ali?" Sonny took a long, hard look at her and
> said, "lady, where's your husband, I want to knock him out" as I slowly
> backed away, complimentary drink in hand.. Knowing Greenspan's rep as a
> stright shooter and our beloved government, I believe it's a true story.
>
> =================
>
> Dunno what Bud Greenspan said or didn't say on his documentary.  But, as
> Paul Harvey would say, "for the rest of the story...."
>
>
> Joe Louis (*not* "Lewis") is, by any measure, a true American hero.
>
> But let's get the rest of the facts straight:
>
> The IRS went after him NOT because he owed taxes on the purses he would 
> have
> earned in the exhibition matches during the war.  Rather, the IRS wanted 
> to
> collect taxes on the money that Joe *did* earn and keep for fights BEFORE
> the war started.
>
> He didn't pay what was due.  That debt grew, and accrued interest.  Louis
> tried to *deduct* the prizes he donated during the war, but tax law did 
> not
> (and does not) work that way.
>
> http://www.mackinac.org/article.aspx?ID=22
>
> Lastly, don't forget, as much as the IRS has policies in place that are
> insane and terrible, the underlying problem is the TAX LAW created by
> CONGRESS and signed by the PRESIDENT.  And all the money goes into the US
> TREASURY, which pays for soldiers salaries and Willi's social security
> benefits (and $700 toilets and health care for illegal immigrants too).
>
> If you want to bitch about Joe Louis' treatment, take it out on either his
> accountants or on FDR for enacting the New Deal with its punitive tax 
> rates
> on the "rich".
>
> Vty,
>
> --Dennis
>
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