Zane Zapped

[sr71plt]

Moral of the story: even an erotica book queen has to pay taxes on her royalties:

http://www.washingtonpost.com/local...2d5150-4a60-11e4-b72e-d60a9229cc10_story.html

 

[lovecraft68]

I never got this. Just pay your fucking taxes no one gets away with it for long.

Hell, they got Capone for it.

 

[3113]

I never got this. Just pay your fucking taxes no one gets away with it for long.

Hell, they got Capone for it.

Agreed. If I'm making that kind of money, I'm not going to begrudge the IRS their cut. I'll still have more than enough left over for a nice home, nice vehicle, nice dinners and trips abroad. What more do you need that you should hold tight to the money and risk getting in trouble?

Edited to add that she is estimated to have a total of 1.4 mil, but owes that much to "creditors." So I begin to see why she hasn't paid up. What is with these people that they get into that kind of hole? Did she really need a near million dollar home in Maryland? One could buy a mansion there at a quarter that amount....

 

[lovecraft68]

Agreed. If I'm making that kind of money, I'm not going to begrudge the IRS their cut. I'll still have more than enough left over for a nice home, nice vehicle, nice dinners and trips abroad. What more do you need that you should hold tight to the money and risk getting in trouble?

Something I'm wondering is.....

That movie is coming out and based on her book and apparently produced by her.

So that means there will be some heavy income coming her way from this so.....how the hell can she declare bankruptcy?

 

[3113]

So that means there will be some heavy income coming her way from this so.....how the hell can she declare bankruptcy?

See my edited part. As producer, she must have invested something in the film. Maybe that's part of it? Films are very bad investments if you're hoping to make money. What you get all depends on the deal and whether you're due for money from the gross or net.

But as the film isn't out yet, she'd not made anything nor likely to until it hits the theaters.

 

[sr71plt]

Did she really need a near million dollar home in Maryland? One could buy a mansion there at a quarter that amount....

Oh, lord. She's in Prince Georges County, one of the richest/most expensive counties in the States. She lives alone, though, I think, so doesn't need a mansion at all.

What's dumb is that she wasn't self-publishing and hiding PayPal money. Her royalties were from Simon and Schuster. The figures would have been reported to the IRS by them before she even received them.

Since her taxes are on what she's already made and is for writing books, she'll be able to finagle down-the-road movie returns as separate (assuming her bankruptsy is approved before any money comes in from that. It's not guaranteed money.)

 

[R. Richard]

Something I'm wondering is.....

That movie is coming out and based on her book and apparently produced by her.

So that means there will be some heavy income coming her way from this so.....how the hell can she declare bankruptcy?

Anyone with the court fees can declare bankruptcy, regardless of their financial standing.

 

[jomar]

Doesn't say, but sometimes such people put their trust in managers or whoever and/or assume things are being taken care of only to one day find out the reality of things.

 

[soflabbwlvr]

Anyone with the court fees can declare bankruptcy, regardless of their financial standing.

Declaring oneself bankrupt is one thing, being discharged by the court is entirely another. If she doesn't satisfy the "means" test, she will be kicked out of Chapter 7 and into Chapter 13, which requires some repayment of the debts.

Also, taxes are rarely discharged. The property taxes will probably follow the property, but she will most likely continue owing the IRS. If that movie makes any money for her, the IRS will get a share.

 

[49greg]

Here's how out of it I am, when I saw the OP title "Zane is Zapped" I immediately thought of Zane Grey and wondered what ancient scandal had been dug up.

 

[Hypoxia]

Here's how out of it I am, when I saw the OP title "Zane is Zapped" I immediately thought of Zane Grey and wondered what ancient scandal had been dug up.

Eleanor Roosevelt was implicated. And Amelia Earhart. And maybe Beryl Markham.

 

[JKendallDane]

Here's how out of it I am, when I saw the OP title "Zane is Zapped" I immediately thought of Zane Grey and wondered what ancient scandal had been dug up.

Is that you, Colonel Potter?

 

[49greg]

Eleanor Roosevelt was implicated. And Amelia Earhart. And maybe Beryl Markham.

Is that you, Colonel Potter?

Yeah, it's me. Eleanor, Amelia and Beryl took my jeep for a joyride, ran down some western writer and totaled my jeep. I tried to shoot the jeep but my M-16 jammed. I'm looking for my .45, seen it anywhere?