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[QUOTE="Zelda Zonk, post: 3410540, member: 966"]
To all you wannabe accountants/financial planners:
what's the deal with those "$1" transactions? Where someone wants to give someone something of real value, but in order to transfer ownership legally(?), they ask for a buck. You see that a lot on tv, with attorneys taking a dollar to 'lock in client-attorney privileges,' but i'm sure i used to see it with an exchange of property for titles—cars, land, etc? So, for the purposes of taxes, if you buy something worth 10,000 for $1.00, you have to declare the value somewhere as $10,000?

Re: the Zion sitch—if someone gives the family an apartment for a year, the family is supposed to declare that on their taxes as an [I]income[/I] amount of 12 x $Rent?

When we talk of a player 'getting a bag,' aren't we talking about Cash? I thought the Fedex/check days were over. So, what's the Zion family's liability if they get a briefcase? Someone on the giving side has to contribute testimony that that's what they were given? And show some sort of 'receipt?' Which would only show a withdrawal amount, not what was actually given.

I dunno—just rambling over permutations, and maybe hoping i can use some of this info in a screenplay down the line...
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