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Rogerdodger
Family loses fight with feds to keep rare gold coins...
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A jury has decided that a set of rare gold coins found in a bank deposit box rightfully belongs to the U.S. government.
The decision, made on Wednesday, caps an unusual civil case that combined history, coin collecting and whether the set of rare $20 "double eagles" should have ever left the U.S. Mint in 1933.
Federal prosecutors had asserted that the coins never circulated when the country went off the gold standard. Most of the batch was instead melted down.
But Joan Langbord, the daughter of a Philadelphia jeweler, said she found the 10 coins in her father's bank deposit bank after he died.
She said that her father could have acquired them legally, perhaps through a trade of gold scrap.
One 1933 double eagle sold for $7.6 million in 2002.
dasein
that is disgusting - where's the proof!

and here is some news on GS doing *********'s work, again -

http://www.reuters.com/article/2011/07/28/...E76R1O120110728?
stocks
'The Bank Secrecy Act' Enforcement -- When Government Becomes a Predator

The Bank Secrecy Act became law in 1970 and implemented the Foreign Bank Accounts Report (FBAR) to monitor money laundering. The FBAR law required that US persons owning or having signing authority over foreign bank accounts report this information to the US Treasury Department. It was not much enforced for the obvious reason that a criminal does not willingly divulge incriminating information. During the first three decades of FBAR, there was widespread ignorance and disregard for the law.

In 2003, the Treasury Department handed over enforcement to the IRS. In 2004 non-willful non-compliance increased to a $10,000 fine per account per annum. Willful non-compliance allows criminal charges, a prison sentence, and fines of $100,000 or 50% of bank accountís contents, whichever is more (see Shepherd, p. 10).

The IRS has implemented two Voluntary Disclosure Programs I (2009) and II (2011), in which they waive criminal charges provided that all back taxes and penalties have been paid, along with an FBAR penalty of 20% (in 2009) or 25% (in 2011) of the accountís highest balance over the last six years. The penalty is lower (12.5%) for balances under $75,000. Persons who were unknowingly US citizens face a 5% penalty (see FAQ 52).

In 2010, Congress passed FATCA (Foreign Account Tax Compliance Act) which forces foreign banks to report on American clients, even if doing so would violate the banking and privacy laws of their country. Implementation of FACTA will be coerced by withholding 30% of US income from banks not in compliance.

Hypothetical Case 1: Jim lives in a foreign country and has dutifully filed a US income tax return each year, but was unaware of FBAR filing retirements. Jim operates eight accounts: four retirement accounts (which he reported on his annual tax returns), two trading accounts, a checking account and a high interest savings account. The highest balance in these accounts is $1,000,000 over the last six years. His current balance is $800,000 after the market dip.

Jim doesnít know what to do. After great worry, he enters the Voluntary Disclosure Program. The IRS assesses Jim a $250,000 FBAR penalty. In order to pay the penalty, Jim must withdraw funds from his retirement accounts forcing an additional tax liability of $100,000 on the income. Jim is no longer able to retire because his $800,000 has been reduced to $450,000, solely as a result of IRS capriciousness.

Hypothetical case 2: Nancy is a teacher and mother of three, married to a citizen of the foreign country where she has lived for fifteen years. She dutifully filed her taxes in the US, but never knew about FBAR. A friend entered the Voluntary Disclosure Program and was assessed $14,000. She contemplates the renunciation of American citizen, because her foreign husband owns a successful business and Nancy is a signer on business accounts. She fears exposing her husbandís business to the IRS and also fears that upon her death, the IRS will seek its pound of flesh from her estate. She renounces citizenship, though it breaks her heart.

Fbar
Lysis
QUOTE (dasein @ Jul 28 2011, 05:49 AM) *
that is disgusting - where's the proof!

and here is some news on GS doing *********'s work, again -

http://www.reuters.com/article/2011/07/28/...E76R1O120110728?


That family shouldn't have had the coins in the first place. Israel Switt and a mint employee conspired to sneak them out of the mint before they were melted down, knowing full well of the likely numismatic appreciation. Either way, this went to a jury trial and the family lost.

Old Man Switt is probably rolling in his grave for having idiots as descendants.


Dex
QUOTE (Lysis @ Aug 1 2011, 07:13 PM) *
Old Man Switt is probably rolling in his grave for having idiots as descendants.


I think the family wanted the Treasury to authenticate the coins. That is how it all started.

They should have taken them out of the USA and sold them.

Lysis
QUOTE (Dex @ Aug 1 2011, 05:55 PM) *
QUOTE (Lysis @ Aug 1 2011, 07:13 PM) *
Old Man Switt is probably rolling in his grave for having idiots as descendants.


I think the family wanted the Treasury to authenticate the coins. That is how it all started.

They should have taken them out of the USA and sold them.


The Feds shook down Switt in the 50s when he tried to sell his first set of coins. He managed to get a few sold before the Secret Service tracked him down and confiscated the rest. He even signed a sworn statement stating that he didn't have any additional coins in his possession.

Given that history, I can't believe his descendents decided to hand over the rest of the collection to the Treasury in order to authenticate them. That takes the cake for idiocy. They deserved to lose the coins.



spielchekr
QUOTE (dasein @ Jul 28 2011, 08:49 AM) *
that is disgusting - where's the proof!

and here is some news on GS doing *********'s work, again -

http://www.reuters.com/article/2011/07/28/...E76R1O120110728?


Dasien, see what you've done? That article has been removed! I assume that was a story about cornering the aluminum market, right?
dasein
thanks for letting me know spiel - its about them cornering the metals warehousing market smile.gif

http://www.reuters.com/article/2011/07/28/...ype=companyNews
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