Posted By:
warshawlawwith that much cash?
I don't mean that facetiously, I am serious. How would you handle that much cabbage? If you deposit it all at once you will trigger a currency report and very likely be visited by the FBI, DEA and/or IRS, especially if you are not involved in retail sales. Even if you deposit it over time, you will be creating quite a bump in your bank account. You would probably have to file a schedule C to account for your actions and earnings. Of course, the greedy scumbags, er, Federal and state governments would then take 40% or so of the money and use it to pay for another cow fart study or another school built directly over an earthquake fault and toxic waste dump (Belmont HS in LA, a $300 million vacant lot).
So, hypothetically, we have a deal here that could be off the government radar screen. Now, hypothetically, just among us friends, if you could get cash for your cards in a manner that created no records, it would be worth around 140% of face value if you could keep it outside the tax structure. Of course, that would be illegal and I would NEVER EVER myself do or counsel anyone to put that type of money in a safe deposit box and use it to fund cash purchases of goods and services, vacations, etc. NO WAY.
I am curious: Did Rosen make any records of the sale? Get the name of the buyer or his tax ID #? Have him sign a receipt? Last time I saw AR do his shtick, he did nothing like that. And isn't it interesting how well Rosen does by keeping the deals in cash. It leads nearly all of his advertising.
This reminds me of a great real story: I was at a show about ten years ago and I was killing time talking with an obnoxious dealer who was bragging a blue streak about all the massive cash deals he had made on hot rookie cards (remember when people used to trade 100-1000 card bricks of them like Enron options or crack cocaine?). He was throwing around tens of thousands of dollars in cash profits that he was very proud of not declaring. When he asked me what I do, I told him I was a lawyer. "For who?" he said. "I work for the Justice Department in its tax evasion unit," I said, "we'll be in touch." He turned white as a ghost but I cracked up before I could get away and he realized I was kidding.