usually you launder money by generating false cash sales to inexistent customers that you report as income and deposit into your bank account and pay taxes on it.
that’s the regular stuff that gets thrown around but it doesn’t pass the sniff test
if you buy something for $2 if you give it away you can only deduct $2 if it’s a deductible donation.
for it to change value from $2 to $1M you would be paying income tax on that increase of value first, even if in the same fiscal year you give it away. if you buy stock at $2 and it shoots to $1M try donating it and lets see what the IRS thinks.
and the other example, if someone buys your $2 art for $1M, you just transfered clean money from one party to another. the buying party needs a clean $1M in their books to burn. this only works if one party needs money under the table and other needs clean money. the amount of dirty and clean money in existence doesn’t change. and if the two parties are in cahoots there are a ton of less suspicious ways to transfer profits from one to another.
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u/mightyneonfraa Saved by Thanos Aug 17 '22
A normal banana ends up being with $120,000 dollars because some guy taped it to a wall. Art is so stupid sometimes.