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Would this work, or would I go to jail?

Discussion in 'Business & Tax Advice' started by skylark516, Oct 23, 2009.

  1. skylark516

    skylark516 Regular Member

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    I have an anonymous corporation in panama. It is totally anonymous. It has no link to my name.

    I want to buy a ferrari, using the non-taxed income from my corporation.

    I was planning on buying the car, and registering it to my corporation, then buying it from my corporation for 1$.

    This way I got the car, but I still have a (low) income.

    Would this work, or am I shooting myself in the foot?
     
  2. oldenstylehats

    oldenstylehats Elite Member Premium Member

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    More like shooting yourself directly in the shaft AND balls. Bad idea. Don't do that.
     
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  3. antx16

    antx16 Power Member

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    Man if you drive a ferrari the irs will be all over you in a flash, keep small and humble playing the big boy gets you years and grey hair.
     
  4. rubberband

    rubberband Registered Member

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    Not sure how that would work, but one thing to keep in mind is that you will still have to pay taxes on the value of the car and not what you paid for it, if I'm not mistaken.

    Why don't you just pay yourself from the corporation and then purchase the car? You might have to pay taxes on it, but it beats the hell out of getting harassed by the IRS.
     
  5. ferris

    ferris Regular Member

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    The perfect way to burn your anonymity and your anonimous society.
     
  6. monetizaction

    monetizaction Newbie

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    You want to buy a ferrari and youre asking your question on BHW??? Cant you pay a lawyer, accountant or whatever to give you better advice than anyone here???

    Just saying since you could go in jail...
     
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  7. KSoze

    KSoze Power Member

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    You have the funds for a Ferrari and seek financial advice from BHW.
     
  8. Jared255

    Jared255 Jr. Executive VIP Jr. VIP Premium Member

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    if you are asking that question it's probably a shitty idea
     
  9. pauluk

    pauluk Registered Member

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    could you not say start up a prize website where people have to pay say $5 or $10 or fill in a cpa offer something along them lines to win a ferrari have it running for say 6-9 months then announce yourself the winner then add another prize and start again?
     
  10. stunna

    stunna Jr. VIP Jr. VIP Premium Member

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    Solid idea. Well thought out.
     
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  11. trafficsource

    trafficsource Jr. VIP Jr. VIP Premium Member

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    man if you have even little % to rent this car and if you want it very much (I am sure you do) then take it right away.
    life is for living. soon everybody dead anyway :)
    but yeah if you live in USA then there life sucks....I never ever go to live USA because there crazy how much years may get if doing something wrongly!
    come to Europe! especially eastern Europe ;) here life is easy and girls good- not fake ones!
     
    Last edited: Oct 24, 2009
  12. craigs

    craigs Regular Member

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    For the amount of money you own, I would go get some professional advice from an accountant. What you are doing is probably a quick way of revealing your identity.
     
  13. OldMadHatter

    OldMadHatter Junior Member

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    bad idea. don't. an old Prius would do - label yourself *ethical* all over.
     
  14. JesusChristSr

    JesusChristSr Regular Member

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    Yes I think that 1 will raise some red flags. The Feds watch these types of things. Why not just leave it in your corps name and drive it. If your worried about liability if the heat is ever on they will see the sale and purchase of the car and it will be worse for you.
     
  15. JesusChristSr

    JesusChristSr Regular Member

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    I was just thinking the same thing bro!
     
  16. skylark516

    skylark516 Regular Member

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    Ok. changing the topic. If I wanted to leave america. What would be the best country to go to?
     
  17. zSpyderx

    zSpyderx Junior Member

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    I like the way you decide to change topic. Moving on!
     
  18. trafficsource

    trafficsource Jr. VIP Jr. VIP Premium Member

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    Spain Marbella but if comes summer time then of course eastern europe.
    I will be moving Marbella soon too ;)
     
    Last edited: Oct 24, 2009
  19. orbit

    orbit Regular Member

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    Why would you need to take the registration out of the corporations name? Couldnt you set up some lease paperwork so it looks like the company leased you the car?

    I dont know, just throwing out an idea.
     
    Last edited: Oct 25, 2009
  20. gh0st

    gh0st BANNED BANNED Premium Member

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    Russia.. you can kill a dude and get away with it.. Fuck taxes.