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Is it Earned Income?

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    #1

    Is it Earned Income?

    The soon to be ex-husband of Christie Brinkley (Peter Cook) paid his mistress $300,000 for undisclosed reasons (don't we all know really?). Since this revelation is now public and has drawn the attention of the IRS I'm sure, what are the tax implications for the teenager?

    Is this earned income, business income or a gift?

    NOTHING in this question should lead you to believe Christie paid me money to keep quiet.
    Tags: None
    #2
    Depends on whether it was passive activity.

    Or maybe depletion was involved.

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      #3
      Originally posted by Byron View Post
      Depends on whether it was passive activity.
      LMFAO.......

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        #4
        "....what are the tax implications for the teenager?"

        Now she's REALLY going to get screwed.

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          #5
          Originally posted by Byron View Post
          Depends on whether it was passive activity.

          Or maybe depletion was involved.
          What if she invested in enhancements to her assets? Can those be deducted as a business expense? Are they each deducted separately?

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            #6
            Is there an allowance for intangible drilling cost?
            In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
            Alexis de Tocqueville

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              #7
              Penalty

              Depending on her testimony he may get an early withdraw penalty.
              I would put a favorite quote in here, but it would get me banned from the board.

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