Seth wrote:
- quote -

In that case it will just pass on to my daughter eventually
with stepped up basis, some time in the distant (I hope)
future.

ChEAr$,
Harlan

p.s. sadly, no jacket.

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Harlan Lunsford wrote:
- quote -

Nah, but the 1954 edition is a classic.

Stu

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Harlan Lunsford <ffpjj2$ov8$1[at]panix2.panix.com> wrote:

- quote -

What condition? Is it a true first? Dustjacket?

It seems to sell for up to $10,000.

Seth

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Seth wrote:

- quote -

Being a bibliophile, I think I can offer a theory. In my
library are many first editions relating to history and
biography that I purchased around fifty years ago. Just
because a book is a first edition, though, does not in
itself make it a collectible. After checking prices on the
net for like copies, and comparing with what I paid for them
(recorded inside cover of each book with date purchased and
location), to replace them in case of first would take more
than twice the amounts usually.

Now then, how much am I bid for a first edition of Gone with
the Wind? There's even a small photo of Clark Gable that I
guess mother stuck between the pages in 1939.

ChEAr$,
Harlan

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Paul Thomas, CPA wrote:
- quote -

Then how about my 1956 copy of Prentice Hall's Federal Tax
Course?

ChEAr$,
Harlan

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Benjamin Yazersky CPA wrote:
- quote -

Just as well, 'cause it ain't settled yet.
Or as Yogi Berra said, "It ain't over, till it's over."

ChEAr$,
Harlan

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Pats Fan <kingfish02375[at]yahoo.com> wrote:

- quote -

Sure. Any bookstore that sells new books sells them at a
gain (or goes out of business fast).

Seth

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Pats Fan <kingfish02375[at]yahoo.com> wrote:

- quote -

If you got a free copy of the "Warren Report" when it was
published, it's just a book you've had for 40 some years,
not a collectible.

I know people who have a hundred or more books on the same
subject that they purchased at retail or at dollar book
sales. It's their library and I doubt it would be a
collecctible.

Dick

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Paul Thomas, CPA <paulthomascpapc[at]bellsouth.net> wrote:

- quote -

and are worth $5 or so.

- quote -

In the case of books, it's almost purely a matter of price:
a book with a high value is a collectible.

However: does the time it became a collectible matter? A
new book, easily purchased for cover price, isn't a
collectible. It stays in print for, say, a year. Three
years later, it costs 5x its initial price (and up). When
did it become collectible?

Seth

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kam...[at]panix.com (Arthur Kamlet) wrote:
- quote -

"whatever else the Secretary has declared to be a collectible."

That's the "other tangible property" I was referring to; how
do I get access to the Secretary's list?

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Dick Adams <rdad...[at]panix.com> wrote:
- quote -

I think all the books in the library at Texas A&M are
collectibles since they are clearly not there to be read.

Moderator: ROTFLMAO

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"Arthur Kamlet" <kamlet[at]panix.com> wrote:
- quote -

About a month or so ago, I witnessed several tax
accountant/CPAs debating just that point - whether a Bonds
home run baseball was a collectible

(not being a big stick & ball fan, I really didn't pay that
close attention to the debate)

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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Dick Adams <rdad...[at]panix.com> wrote:
- quote -

Maybe the fact that he can convince someone to pay more than
retail for them?

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"Pats Fan" <kingfish02375[at]yahoo.com> wrote

- quote -

I hope you were not expecting a definitive answer from
the 1-800 number.

- quote -

How many books are you selling? How large of a gain
are you expecting? What is it about these books that
might make them collectibles?

Dick

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"Pats Fan" <kingfish02375[at]yahoo.com> wrote

- quote -

It most often falls to a facts and circumstances case. Many
books are not collectibles, but you can look at it and tell
it's not and never will be one. What's the chance that my
1996 Federal Tax Handbook would be a collectible?

The nature of the item is what makes it a collectible.

--
Paul A. Thomas, CPA
Athens, Georgia

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Pats Fan <kingfish02375[at]yahoo.com> wrote:

- quote -

Just as it says, it's stamps and coins and whatever else the
Secretary has declared to be a collectible.

So far as I know, baseballs are not collectibles.

--
ArtKamlet at a o l dot c o m Columbus OH K2PZH

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I'm trying to find the tax rate as the result of selling
books at a gain. Are there books that are sold at a gain
that would NOT be collectibles? I asked the IRS, and the
lady told me that she didn't know of any reg's that would
define a collectible (in regard to books) any better than
the terminology in the Schedule D instructions. "gems,
stamps...and certain other tangible property."

Is it the case that "if it smells like a collectible", i.e.,
some significant gain of value, then it IS a collectible? Or
are there some Reg's which will better define this for me?

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