Michigan mechanic gets prison over sale of Ferrari engine

[palani]

Two Guesses as to why this guy stood out in the crowd?

http://news.yahoo.com/michigan-mechanic-gets-prison-over-sale-ferrari-engine-221202019.html


DETROIT (Reuters) - A Michigan man who specialized in repairing exotic foreign cars and high-end luxury vehicles, was sentenced on Thursday to two years in prison after he evaded paying taxes on the $610,000 sale of a rare Ferrari engine, prosecutors said.

Terry Myr, 71, who was convicted in April of attempted tax evasion and four counts of failure to file tax returns, was also given two years supervised release and ordered to pay $738,904 in back taxes, interest and penalties by U.S. District Judge Nancy Edmunds.

Myr, a self-employed mechanic, already owed about $195,000 in taxes and penalties run up from 2000 to 2003 when he told the buyer of a rare Lampredi Ferrari engine in 2009 to wire transfer the $610,000 into a corporate bank account he had created the week before, according to court documents and prosecutors.

The resident of Smiths Creek, Michigan, near the Canadian border, withdrew most of the cash, buying more than $360,000 in gold and silver coins, writing some checks to cash and shifting the money to another account or corporate entity, according to court documents and prosecutors.

[7th trump]

Two Guesses as to why this guy stood out in the crowd?

http://news.yahoo.com/michigan-mechanic-gets-prison-over-sale-ferrari-engine-221202019.html

He stood out because he didn't pay the taxes on the sale of the engine.

Do you really think he would have stood out if he did pay the taxes and then say it was because he bought gold and silver coins?

Always in a conspiracy mind aren't you palani. You're just instigating fear mongering about buying gold and silver coins (a new fear mongering conspiracy brought to you by the GSUS conspiracy master....palani). People buy silver and gold coins all the time...the mint is in business for it.

[palani]

He stood out because he didn't pay the taxes on the sale of the engine.

Do you really think he would have stood out if he did pay the taxes and then say it was because he bought gold and silver coins?

Always in a conspiracy mind aren't you palani. You're just instigating fear mongering about buying gold and silver coins (a new fear mongering conspiracy brought to you by the GSUS conspiracy master....palani). People buy silver and gold coins all the time...the mint is in business for it.
It was a simple question. What put your panties in a wad?

Good thing I didn't ask how the weather was in your area.

[7th trump]

It was a simple question. What put your panties in a wad?

Good thing I didn't ask how the weather was in your area.

Yes, it was a simple question and you got your answer to your question wrong.....hahahaha!

Asking how the weather here is probably more your level of intelligence anyway....should have asked it.

[govcheetos]

The best way not to stand out in a crowd is to not be in the crowd in the first place.

Why would you wire that kind of money to a bank and not expect the king's men to come wanting their share?

[madfranks]

The OP is misleading. He didn't go to prison for selling an engine, he was
convicted in April of attempted tax evasion and four counts of failure to file tax returns

[7th trump]

The OP is misleading. He didn't go to prison for selling an engine, he was

Yep...someone else who can use the matter between his ears and see through the fear mongering the OP tried slipping in.

[Ares]

The OP is misleading. He didn't go to prison for selling an engine, he was

While misleading, he shouldn't of been taxed on the sale anyway. The tax was already paid when the car the engine was originally in was imported into this country. Import tax, the person who bought it originally paid the sales tax. I consider this a garage sale item. He found it, put in the labor to extract the engine and maybe even made some repairs. If he sells it for a profit how and why is the government involved when the tax was already paid?

[ximmy]

It was a simple question. What put your panties in a wad?

Good thing I didn't ask how the weather was in your area.

He probably wears woman's thongs and they squeeze those raisins he calls balls... that's why he's always on edge.

[BrewTech]

he probably wears woman's thongs and they squeeze those raisins he calls balls... That's why he's always on edge.


lol!

[Horn]

If he sells it for a profit how and why is the government involved when the tax was already paid?

$360,000 in gold coins should get thru many Canadian winters, maybe is just enough to last a decade?

If sales tax was charged to the purchaser, he could just leave that balance in the states for some .gov rep. to reclaim.

[7th trump]

While misleading, he shouldn't of been taxed on the sale anyway. The tax was already paid when the car the engine was originally in was imported into this country. Import tax, the person who bought it originally paid the sales tax. I consider this a garage sale item. He found it, put in the labor to extract the engine and maybe even made some repairs. If he sells it for a profit how and why is the government involved when the tax was already paid?

You'll have to look up the actual section he violated to see what tax he didn't pay.

[Cebu_4_2]

If he sells it for a profit how and why is the government involved when the tax was already paid?

Resale tax

[palani]

The OP is misleading. He didn't go to prison for selling an engine

The title of the OP was cut and paste from the headlines of the article.

[palani]

how and why is the government involved when the tax was already paid?
The sale involved private credit instruments known as FRNs. 7th_trump will undoubtedly proclaim social security to be the issue which made the act criminal.

[7th trump]

The sale involved private credit instruments known as FRNs. 7th_trump will undoubtedly proclaim social security to be the issue which made the act criminal.

I'm quite aware of different types of taxes.
Sales taxes aren't lumped under employment taxes (chapter 21 Social Security).....but that's showing your lack of experience and/or ignorance of the subject which is why you keep bringing up frn's which has nothing at all to do with sales taxes or employment taxes or taxes for that matter.....sales taxes have been around years if not decades before frn's ever existed.....but then again that's showing your diligence or lack there of.

It must be nice to just add any and all theories to a subject when you don't have a clue, to fill the voids you cannot answer (don't know...just make it up).....it does make you look intelligent to those who don't know anything about taxes.

[palani]

I'm quite aware of different types of taxes
You're way ahead of me then. I know nothing of taxes.

[Plastic]

Should have just said I'll trade (not sell) you the engine for x-amount of bullion.