My very dear friend Andy (SMUDGE) Smith from Peterborough has recently gone through what has been a messy divorce. His Wife has filed a case for the value of half of his record collection with the courts coming down in her favour, an independent Northern Soul 'specialist' has been requested by the courts to value, this was completed last week and Andrew is in receipt of the valuation of every single he has in his DJ BOX/COLLECTION. This specialist is a Damian Mcalinden from Peterborough, the fact no one knows him in these parts, I guess is irrelevant.

I need some help guys and gals..

1- has anyone else been through the above and can offer any advice that Andy can use, and

2- Does anyone have a copy of a list that an ex pat in New Zealand distributed last year had the Empires, Salvadors and many other big tunes on it, if by any cahnce someone has them on their hardrive please forward by email or even better a copy in their email received...this is crucial evidence his aol user name was YORKIE.

I'm not taking sides in this as I know both Andy and Sally however he's being stictched up imo and years of collecting and all that it enatails may well dissapear due to a considerable ammount of vindictivness and an incredible ammount of bollocks by someone who knows sweet f*** all about how much a record is or isn't worth.

CHEERS.

The simplest way would be to have Andy put forward to the courts a second independant Valuer.....Say Pat/John/Tim......if i was Andy i would ask Pete-S his values are proberly the fairest you can get, its no good sayin oh the (for arugments sake) Doug Banks is worth £150 because you would never get that for it, would you sounds like this guy has been asked to do this by the first party and will get a 'cut' for his over marked prices.....i smell a rat in that one

The simplest way would be to have Andy put forward to the courts a second independant Valuer.....Say Pat/John/Tim......if i was Andy i would ask Pete-S his values are proberly the fairest you can get, its no good sayin oh the (for arugments sake) Doug Banks is worth £150 because you would never get that for it, would you sounds like this guy has been asked to do this by the first party and will get a 'cut' for his over marked prices.....i smell a rat in that one

cheers.....anyone else? do you know this DM Nick G?

how about handing over a box of pressings to the guy pricing them keeping all your originals hidden at your mates house

My very dear friend Andy (SMUDGE) Smith from Peterborough has recently gone through what has been a messy divorce. His Wife has filed a case for the value of half of his record collection with the courts coming down in her favour, an independent Northern Soul 'specialist' has been requested by the courts to value, this was completed last week and Andrew is in receipt of the valuation of every single he has in his DJ BOX/COLLECTION. This specialist is a Damian Mcalinden from Peterborough, the fact no one knows him in these parts, I guess is irrelevant.

I need some help guys and gals..

1- has anyone else been through the above and can offer any advice that Andy can use, and

2- Does anyone have a copy of a list that an ex pat in New Zealand distributed last year had the Empires, Salvadors and many other big tunes on it, if by any cahnce someone has them on their hardrive please forward by email or even better a copy in their email received...this is crucial evidence his aol user name was YORKIE.

I'm not taking sides in this as I know both Andy and Sally however he's being stictched up imo and years of collecting and all that it enatails may well dissapear due to a considerable ammount of vindictivness and an incredible ammount of bollocks by someone who knows sweet f*** all about how much a record is or isn't worth.

CHEERS.

I think Andy would be well within his rights to challenge the credentials of Damien McAlinden. Particularly if he feels that the values are over stated. How did the court decide on him as an 'expert'? Both Tim and John are well know and respected dealers with published price guides surely they are more reliable. Has he thought of getting an offer for the collection from either of these (or any other dealers Craig Moerer for example) and offering half that value to Sally to 'buy her out'.

Is Sally looking to keep the records or sell them on? This would make a difference surely. How the hell are the actual records goind to be split are they gonna take turns in picking one until they have gone through the collection?

I'm sure there will be no winners at the end of the day (Except the lawyers) and what ever happens both Andy and Sal have my deepest sympathy. There but for the grace of god and all that

Edited February 27, 200619 yr by ged parker

cheers.....anyone else? do you know this DM Nick G?

Hi Paul

As Baz says definately get a second valuer on it! You could always ask Glen Bellamy about DM if anyone will know this guy from Peterborough, if he really is a dealer, then he will!

Cheers

Paddy

cheers.....anyone else? do you know this DM Nick G?

I've never heard of him Paul, I'll ask around later and come back to you.

Nick

The simplest way would be to have Andy put forward to the courts a second independant Valuer.....Say Pat/John/Tim......if i was Andy i would ask Pete-S his values are proberly the fairest you can get, its no good sayin oh the (for arugments sake) Doug Banks is worth £150 because you would never get that for it, would you sounds like this guy has been asked to do this by the first party and will get a 'cut' for his over marked prices.....i smell a rat in that one

Its usual for the court to want a single expert. He should challenge the courts recognition of this expert witness unless this person can show any particular expertise but it sounds like it might be too late and the court has accepted him. Be interesting to know who this guy is. To be frank, I would have thought that a Manship or Brown guide would be all that is needed, as they are compiled by acknowledged experts and no extra fees would be required. He might still want to challenge prices by using these guides, or showing a series of contradictory auction prices from Popsike.

Hi,

I too am flummoxed as to why the said "specialist" has been chosen - normally the court would appoint an expert that both parties agreed upon out of a list of a few names. Has Smudge's lawyers agreed to this particular expert???

Paul, PM re that sales list. There were no prices on the list, it was an "offers" list, although I do have the guy's contact details. He's been on here off and on too.

Rich

2- Does anyone have a copy of a list that an ex pat in New Zealand distributed last year had the Empires, Salvadors and many other big tunes on it, if by any cahnce someone has them on their hardrive please forward by email or even better a copy in their email received...this is crucial evidence his aol user name was YORKIE.

CHEERS.

Paul, i still have that list in my emails. (no prices on it though) let me know whewre you want it emailed to.

dave

I take it the 9 male members sweeney, sitc01, ged parker, harrogatesoul, musicden786, Rich Buckley, mischief, Nickg, Baz currently worriedly reading this thread voted in the 5000 plus section of the recent poll on how many records people owned. I was lucky mine didn't know their worth, mind you i ended up with nowhere to live, no car, no job and £7000. Apart from no longer living with my kids, I think I got lucky.

Edited February 27, 200619 yr by sitc01

2- Does anyone have a copy of a list that an ex pat in New Zealand distributed last year had the Empires, Salvadors and many other big tunes on it, if by any cahnce someone has them on their hardrive please forward by email or even better a copy in their email received...this is crucial evidence his aol user name was YORKIE.

Hi, I think I may still have Yorkies list on my harddrive at home - will check tonight.

I would prefer to doublecheck with him before sending it on to you though, hope you understand, as he may not want his list passing on without his knowledge.

He was a member on Soul Source, so if my contact details are out of date you should be able to contact him through this site members list.

Regards

Mace.

Paul, i still have that list in my emails. (no prices on it though) let me know whewre you want it emailed to.

dave

Dave to Paul Donnelly@aol.com

thanks

Hi,

I too am flummoxed as to why the said "specialist" has been chosen - normally the court would appoint an expert that both parties agreed upon out of a list of a few names. Has Smudge's lawyers agreed to this particular expert???

Paul, PM re that sales list. There were no prices on the list, it was an "offers" list, although I do have the guy's contact details. He's been on here off and on too.

Rich

cheers have you got any contact details???

I take it the 9 male members sweeney, sitc01, ged parker, harrogatesoul, musicden786, Rich Buckley, mischief, Nickg, Baz currently worriedly reading this thread voted in the 5000 plus section of the recent poll on how many records people owned.

I'm just glad Margaret loves me

A terrible situation. My sympathies to your friend.

What worries me is that if instead of having the foresight to invest in Rare Soul vinyl, he'd merely pissed the money up the wall or wasted it on another hobby, he'd have been better off in real terms.

I take it that this was 'his' spare money to spend, and he met all his commitments to mortgages, etc?

If so, this is truly dreadful. How is it acceptable? - does he get 50% of the value of his wife's jewellery/clothes etc. that she would have purchased with 'her' spare money?

I take it the 9 male members sweeney, sitc01, ged parker, harrogatesoul, musicden786, Rich Buckley, mischief, Nickg, Baz currently worriedly reading this thread voted in the 5000 plus section of the recent poll on how many records people owned. I was lucky mine didn't know their worth, mind you i ended up with nowhere to live, no car, no job and £7000. Apart from no longer living with my kids, I think I got lucky.

Really dont get this?????? i have no where near 5000 records i voted in the 200 - 500 slot, and i really dont see what thats got to do with the price of fish

Dave to Paul Donnelly@aol.com

thanks

paul, i tried sending but it failled

Your mail to the following recipients could not be delivered because they are not accepting mail with attachments or embedded images: donnelly

Let me know when to re-send or another asdyy, cheers

paul, i tried sending but it failled

Your mail to the following recipients could not be delivered because they are not accepting mail with attachments or embedded images: donnelly

Let me know when to re-send or another asdyy, cheers

Dave,

Its PaulDonnellyBP@aol.com

Nick

My very dear friend Andy (SMUDGE) Smith from Peterborough has recently gone through what has been a messy divorce. His Wife has filed a case for the value of half of his record collection with the courts coming down in her favour, an independent Northern Soul 'specialist' has been requested by the courts to value, this was completed last week and Andrew is in receipt of the valuation of every single he has in his DJ BOX/COLLECTION. This specialist is a Damian Mcalinden from Peterborough, the fact no one knows him in these parts, I guess is irrelevant.

I need some help guys and gals..

1- has anyone else been through the above and can offer any advice that Andy can use, and

2- Does anyone have a copy of a list that an ex pat in New Zealand distributed last year had the Empires, Salvadors and many other big tunes on it, if by any cahnce someone has them on their hardrive please forward by email or even better a copy in their email received...this is crucial evidence his aol user name was YORKIE.

I'm not taking sides in this as I know both Andy and Sally however he's being stictched up imo and years of collecting and all that it enatails may well dissapear due to a considerable ammount of vindictivness and an incredible ammount of bollocks by someone who knows sweet f*** all about how much a record is or isn't worth.

CHEERS.

I have been through this situation and so have others.

I managed to keep my records and my money. A thirty 35 year+ collection.

Sounds to me like to many mistakes have already been made to save the day. However its never to late to put up a fight.

The best advice you can receive at this is time is to remove the topic from this web site.

Smart arse researchers working for low life divorce solicitors veiw this web site and others like it gathering information and they will quote the content in Court. You are shooting yourself in the foot by going public on here.

Use the N S underground network for help and advice.

Phone me any time on 0793924234 or send me a message of site if you think I can help.

Best regards Denis.

Does anybody get a divorce and not come out screwed over something? Its time pre nuptial agreements were compulsary, especially with a blokes 45s.

Ed

This is bloody awful and all the points re this guys valuations and the right of your mate to spend his own money are valid. But if his solicitor has advised that it must be done then it must.

I can't offer much except a word of sympathy and another of caution. We have all looked at these price guides and at least smiled and sometimes laughed out loud at the "valuations" within and how unrealistic they appear (John and Tim, please don't take this personally - I'm not looking for another thread or a fight!).

Would it be an idea for us, as a valuable and constant source of vast experience (face it guys - we are old) to come up with valuations? Could the list be posted here and those of us inclined to do so could give valuations based on what we would pay? This could then be averaged and presented back as the view of independant collectors?

Of course, if anyone has any more ideas, I for one would be glad to help. Whichever respondent said "there but for the grace of God" was right........

John.

I've just gone through this very same process in the last 6 months or so but I'm not sure if scotttish law is the same as english law as regards the division of matrimonial property so not sure what advice I can give.

What I did find with my ex was that she very much plucked a figure out of the air for the value of my collection and then communicated this via her solicitor to me. I agreed with it, and then that was that and it formed part of the process of dividing the matrimonial property. Oddly, we then negotiated that I could keep most items .

However, I then found that the cost of my solicitor was so expensive that I had to sell most of them in anycase. This is one thing to watch I suppose.

As much as I miss those records I've learned there's a lot more to life than a few bits of plastic. Yes I love the music and I loved owning the records, but that's about as far as it goes. I can remember someone on a soul forum saying " i've seen records bring the worst out in people and the best out in people." Above all else I'd advise the guy to keep a sense of perspective. Life can always be a lot worse and if dwelled on everything i've lost and the circumstances then I very much doubt I'd get out of bed in the morning.

Hammy

I take it the 9 male members sweeney, sitc01, ged parker, harrogatesoul, musicden786, Rich Buckley, mischief, Nickg, Baz currently worriedly reading this thread voted in the 5000 plus section of the recent poll on how many records people owned. I was lucky mine didn't know their worth, mind you i ended up with nowhere to live, no car, no job and £7000. Apart from no longer living with my kids, I think I got lucky.

I'm ok.. (never voted in 5000+) then again to be honest I lend money off my other half every month..

"no I promise its not for that record I said about"

so if we did split she has paid for some of them... bought me one Saturday night I didn't know about.. (Well i did Moldie told me, but she didn't know I knew) ..

Getting back to original thread hope he sorts it... has he checked the prices havn't just been coppied out of price guides.. has he been given a copy of the specialest report.. if he has and it dosn't match price guide then suppose he could argue about the persons knowledge..

Edited February 27, 200619 yr by mischief

Really dont get this?????? i have no where near 5000 records i voted in the 200 - 500 slot, and i really dont see what thats got to do with the price of fish

You're right Baz it's got nowt to do with the price of fish but the price / value of reords definitely has!

A terrible situation. My sympathies to your friend.

What worries me is that if instead of having the foresight to invest in Rare Soul vinyl, he'd merely pissed the money up the wall or wasted it on another hobby, he'd have been better off in real terms.

I take it that this was 'his' spare money to spend, and he met all his commitments to mortgages, etc?

If so, this is truly dreadful. How is it acceptable? - does he get 50% of the value of his wife's jewellery/clothes etc. that she would have purchased with 'her' spare money?

This is real sad . If he's used his own spends on the records, surely they are his personal belonging, and not hers.

You're right Baz it's got nowt to do with the price of fish but the price / value of reords definitely has!

If eventually using a price guide, the figures will need reducing by the vat element of the price. (7/47 of total).

If eventually using a price guide, the figures will need reducing by the vat element of the price. (7/47 of total).

VAT on second hand goods? Steve are you sure? I thought we only got caught with VAT on imports. i'm no expert and your dealing with this stuff all the time just wanted to check.

This is real sad . If he's used his own spends on the records, surely they are his personal belonging, and not hers.

I agree Annie, if he spent his money on records, they are his personal property, does this mean he should get half of her i.e. Jimmy Choo or Prada collection and as someone else said earlier her jewellry etc. The laws of Divorce stink in this country..............I should know

QoFxx

VAT on second hand goods? Steve are you sure? I thought we only got caught with VAT on imports. i'm no expert and your dealing with this stuff all the time just wanted to check.

[/quote

The price will include VAT, even if the dealer is on a VAT scheme. The rate may vary if a scheme is used, where VAT would be charged on the profit element of the deal only, rather than on the sale value.

For a non registered individual, the value of the record is best calculated by removing VAT from the guide price. It makes sense in this case. ANd remember, if the records were sold to a dealer, he wouldn't give you full whack because of his vat liability and profit margin.

As much as i feel sorry for him at least he still has them to divide up some poor sod in the West Midlands had his trashed and there were some BIG titles there is supposed to be a court case going on about it

I've not read all the posts so I apologise if this has already been said.....

usually in disputes the two parties are supposed to get a "joint valuer" to instruct to carry out any valuation of any type of property ... be it a house/jewellery collection/antiques/records etc .... it is not down to one party to instruct a valuer .... tell your friend just to double check this with his solicitor. I'm a legal secretary (matrimonial/family) and this is the normal for us in Stafford.

It's a terrible thing to happen. I lost my records when me and an ex split up .... he just hid them from me so I couldn't find them .... but don't worry ... every dog has his (or her) day .... and mine will come

My very dear friend Andy (SMUDGE) Smith from Peterborough has recently gone through what has been a messy divorce. His Wife has filed a case for the value of half of his record collection with the courts coming down in her favour, an independent Northern Soul 'specialist' has been requested by the courts to value, this was completed last week and Andrew is in receipt of the valuation of every single he has in his DJ BOX/COLLECTION. This specialist is a Damian Mcalinden from Peterborough, the fact no one knows him in these parts, I guess is irrelevant.

I need some help guys and gals..

1- has anyone else been through the above and can offer any advice that Andy can use, and

2- Does anyone have a copy of a list that an ex pat in New Zealand distributed last year had the Empires, Salvadors and many other big tunes on it, if by any cahnce someone has them on their hardrive please forward by email or even better a copy in their email received...this is crucial evidence his aol user name was YORKIE.

I'm not taking sides in this as I know both Andy and Sally however he's being stictched up imo and years of collecting and all that it enatails may well dissapear due to a considerable ammount of vindictivness and an incredible ammount of bollocks by someone who knows sweet f*** all about how much a record is or isn't worth.

CHEERS.

Hi all - oh dear...

I know Damien MacAlinden and he is NOT an N/S expert by any stretch of the imagination (I doubt he himslef would claim to be any sort of expert either?)...he's more of a 'general' dealer/collector who dabbles in Soul / Funk / Jazz / Easy Listening / Librarys / Soundtracks / Psyche / Rock / Breaks / Reggae etc etc - never known him to have a big Northern knowledge whatsoever...

How bizarre..?

Chz...MRez

Does anybody get a divorce and not come out screwed over something? Its time pre nuptial agreements were compulsary, especially with a blokes 45s.

Ed

And a woman's 45s....

Hi all - oh dear...

I know Damien MacAlinden and he is NOT an N/S expert by any stretch of the imagination (I doubt he himslef would claim to be any sort of expert either?)...he's more of a 'general' dealer/collector who dabbles in Soul / Funk / Jazz / Easy Listening / Librarys / Soundtracks / Psyche / Rock / Breaks / Reggae etc etc - never known him to have a big Northern knowledge whatsoever...

How bizarre..?

Chz...MRez

Couldn't this then work in Smudge's favour? The guy doesn't know the true value of the vinyl, undervalues it and Smudge gives her dosh for the undervalued half of the collection........

or doesn't it work like that? Jo

quote name='ged parker' date='Feb 27 2006, 04:38 PM' post='257167']

VAT on second hand goods? Steve are you sure? I thought we only got caught with VAT on imports. i'm no expert and your dealing with this stuff all the time just wanted to check.

[/quote

The price will include VAT, even if the dealer is on a VAT scheme. The rate may vary if a scheme is used, where VAT would be charged on the profit element of the deal only, rather than on the sale value.

For a non registered individual, the value of the record is best calculated by removing VAT from the guide price. It makes sense in this case. ANd remember, if the records were sold to a dealer, he wouldn't give you full whack because of his vat liability and profit margin.

well I did ask didn't I

quote name='ged parker' date='Feb 27 2006, 04:38 PM' post='257167']

VAT on second hand goods? Steve are you sure? I thought we only got caught with VAT on imports. i'm no expert and your dealing with this stuff all the time just wanted to check.

[/quote

The price will include VAT, even if the dealer is on a VAT scheme. The rate may vary if a scheme is used, where VAT would be charged on the profit element of the deal only, rather than on the sale value.

For a non registered individual, the value of the record is best calculated by removing VAT from the guide price. It makes sense in this case. ANd remember, if the records were sold to a dealer, he wouldn't give you full whack because of his vat liability and profit margin.

well I did ask didn't I

Yes you did ask.

Theres a bill in the post for professional fees.

What if Andy faked a burglary, had his records 'nicked' and hid them with Trappist Monks in a monastry far far away until all this has blown over....

A tip (too late here unfortunately) for anyone who feels there may be divorce pending.

A couple of years back, a friend could see the signals and sold his collection of (various styles of) records to a friend for what appeared to be a reasonable price, something like £1000. Sounds a lot for a box of old records to Joe Bloggs QC.

It went to court, he got told that he owed his wife half the money, gave her £500 and then went and bought somewhere in the region of £20,000 worth of records back off his mate for the same £1000

Friends? They're priceless

I'm looking forward to discussing Steve's explanation of the VAT rules for second hand goods with the next US dealer who wants the full Manship Price. Steve, can you reverse engineer the capital gains/tax on profits against a standard US income tax rate, excluding local sales tax, so I can get an idea of the ratio of discount that I should be asking for? Or should I just demand 20% off?

..........

Edited April 9, 200619 yr by Brett

Best thing to do is what one of the lads I knew from way back did..

messy divorce, she wanted half of his collection, house the works

he sold his collection as a job lot to his best mate for a penny

when all the divorce proceedings was over, bought the collection back for a penny

now theres a mate and a half there

I'm looking forward to discussing Steve's explanation of the VAT rules for second hand goods with the next US dealer who wants the full Manship Price. Steve, can you reverse engineer the capital gains/tax on profits against a standard US income tax rate, excluding local sales tax, so I can get an idea of the ratio of discount that I should be asking for? Or should I just demand 20% off?

Interesting question Stuart. (Clock now ticking). First you have to calculate the currency rate differentium, with regard to VAT and, standard, where applicable, US income tax.As you quite rightly say, local sales tax must be excluded at this stage of the calculation, due to the rate differentials in operation throughout the various states. You must also remember that where records are purchased from an impoverished sixty year old recording artist, the necessary medicaid/welfare rebate must be built into the equation.

The capital gains tax element poses an even more interesting question, as it is payable in future, rather than by deduction. Taking the self employed rate of NIC (8%) and hedging in a twelve month fund, any gain can be SET OFF against the dealers rebate in any transaction twelve months before OR after the contract date.

Now it gets interesting.

The final calculation is in relation to the possibility of the possible profit from any transaction being lost.

This can happen in two ways. In the first scenario, the whole transaction is not considered bona fide by US Internal Revenue, due to the sellers intent to defraud.. In this case, a tax refund can be claimed. But beware ! A thieving postman in the UK gives no rise to any kind of set off whatsoever.

So 20% would be about right Stuart.

Agree with steve m on this both the big dealers are VAT registered so i would take that of the prices also if selling to a dealer the most they usually offer is 60% of the value so he could sell to one of the dealers for 60% of value and then settle with his wife abd then buy back for the same amount bit like a pawnbroker deal.

sounds good to me dont know if it would work but may be worth a try.

mark

Simple solution - pass some geezer 10K to bump her off.

WOOF!

Simple solution - pass some geezer 10K to bump her off.

WOOF! ¢Å¾¢

Give over!!,she`ll want half that too!!wont she?,give em` to a mate for a few £s looks best,but choose him/her very carefully,dont ask me cause,you`d only get half of em` bakc anyway

If I had a record collection that was being fought over, and my state of mind at the time of my matromonial split, I would have sawn the lot of them in half and she could have had hers. I suppose I was lucky in that my divorce gave me a new life and that new life was the soul scene which aided my rehabilitation greatly......

Good luck to anyone going through what is a utterly miserable time.

What a frightening prospect, i'd do everything within my power to put the fear of God into my opposite number, and if that failed...i'd smash everyone into a million pieces......

If I had a record collection that was being fought over, and my state of mind at the time of my matromonial split, I would have sawn the lot of them in half and she could have had hers. I suppose I was lucky in that my divorce gave me a new life and that new life was the soul scene which aided my rehabilitation greatly......

Good luck to anyone going through what is a utterly miserable time.

To be honest my post was a snap response. I suppose both parties are frought and not acting rationally. But it just seems utterly rotten that your collection can be snatched from your hands by a third party who has never dirtied his/her hands in attaining that lifelong obssesion. I honestly don't know the answer, but judging by the previous posts, the option of moving it on to a freind (trusted) seems the only way out.

Its usual for the court to want a single expert. He should challenge the courts recognition of this expert witness unless this person can show any particular expertise but it sounds like it might be too late and the court has accepted him. Be interesting to know who this guy is. To be frank, I would have thought that a Manship or Brown guide would be all that is needed, as they are compiled by acknowledged experts and no extra fees would be required. He might still want to challenge prices by using these guides, or showing a series of contradictory auction prices from Popsike.

Nearly right, the only problem would be the guides are based on Mint unplayed issues (some demos)

He will need an independant viewing and valuation (and will have to pay for this service)

I agree that Pete Smith would give fair values, You will also need a value for collection as a whole, As you never sell them all, if it comes to that.

Probably seventy percent for the lot (would guess)

As regards the other valuation, the other guy would not be admissable as he would be unable to prove he has experience at buying/selling rare northern soul records and therefore up to date values for condition.

Hope this helps and makes the split a bit more amicable

Pete

My heart goes out to your mate on this one, I am SIX years into a messy divorce and nearly 20 grand in solicitors fees. Sadly when you are married you dont have "yours and mine" just matrimonial assets and anything with a value of £500 or more has to be declared on Forn E (this is a very comprehensive financial declaration). I even had to supply information about money made from my sales box! ie record found at carboot sale for £1, sold at soul night for £10 and money made from hiring out my decks, once they get there claws into you they want blood. I eventually had to sell my collection (a decision I still regret) and bought a more suitable vehicle, this was deemed transfering an asset rather than disposing of an asset and is depreciating in value (as opposed to the records)

My one piece of advice would be if you friend thinks he is not being well represented to change his solicitor, I have changed mine and the new one is brilliant, the yellow pages are full of them and as you only get one shot at this think of yourself as fairness dosn't come into it.

I'm always reminded of the cartoon of two farmers pulling at either end of a cow and the solicitor sat underneath the cow milking it dry!!

Good Luck

BH

Interesting question Stuart. (Clock now ticking). First you have to calculate the currency rate differentium, with regard to VAT and, standard, where applicable, US income tax.As you quite rightly say, local sales tax must be excluded at this stage of the calculation, due to the rate differentials in operation throughout the various states. You must also remember that where records are purchased from an impoverished sixty year old recording artist, the necessary medicaid/welfare rebate must be built into the equation.

The capital gains tax element poses an even more interesting question, as it is payable in future, rather than by deduction. Taking the self employed rate of NIC (8%) and hedging in a twelve month fund, any gain can be SET OFF against the dealers rebate in any transaction twelve months before OR after the contract date.

Now it gets interesting.

The final calculation is in relation to the possibility of the possible profit from any transaction being lost.

This can happen in two ways. In the first scenario, the whole transaction is not considered bona fide by US Internal Revenue, due to the sellers intent to defraud.. In this case, a tax refund can be claimed. But beware ! A thieving postman in the UK gives no rise to any kind of set off whatsoever.

So 20% would be about right Stuart.

Clear as day now - it can get dead smoggy round here.

Clear as day now - it can get dead smoggy round here.

==================

Can I ask a serious question here, could the guys wife use all this info to her advantage if she or her solicitor were to get hold of it? Is it ok to talk on the net about an ongoing case. genuine questions, as I don't know

Winnie;-)