Quote:
Originally Posted by Brian Van Horn
Thank you, Tom. It was a pleasure meeting you and Ken Cohen and Cohen's table at Robert Morris a couple years ago. The IRS agent made me a little nervous. I don't know why. I reported all my income.
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In 1990 I was set up at a show with my table of vintage oddball cards. The dealer next to me had stacks of 1989 Upper Deck and was selling Griffey and Sheffield rookies like they were going out of style. I think he was pricing them a few bucks below market. We got to talking and he started bragging about the thousands of undeclared dollars he was making every weekend selling Griffey rookies. $10,000 one show, $5,000 another show, and so on. Eventually he asked me what I did and I told him that I practiced law. He asked what kind and I said I am a tax lawyer with the IRS's tax fraud division. He turned about fifty shades of whiter then green. I thought he was going to puke.
The moral of the story is that if you are making a fortune in cash and aren't booking the revenue, STFU.