This reality family owns a clothing line. They had about $500K worth of returns last quarter. They could have donated the clothes but they got a bigger tax break by having them all destroyed so decided to not help people other than themselves.
Posted by
ent lawyer
at
2:30 AM
Labels: blind item
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13 comments:
KTrash seems too obvious
But who is more self-serving than them.
Don't blame them for making an intelligent business decision. Blame those idiots that write the tax laws.
This ain't blind. Additionally, the Kartrashians have their own church. I believe Pimp Mama is a preacher. I read somewhere that PMK makes the stable tithe 10% to the church...a tax write off.
well its kinda crappy humanitatian wise, but makes sense business wise
It's not just about an "intelligent" business decision. This family is known for doing only what is self serving, including giving to their mother's fake church, not to mention Lamar Odom's fake charity when he was still with Khloe.
How would Enty know this? I'm skeptical. It was appallingly selfish, IF TRUE, because the extra amount for a bigger tax break would only amount to pennies on the dollar at most. There's no need to make stuff up about the K Klan. There's always plenty available ripe for the picking.
Even the poor would not want their POS garbage clothing.
What Enty is suggesting is that the Kardashians have a moral obligation to pay more taxes than the law allows. As a former tax attorney and current small business owner, this is crap. I don't know a single business that doesn't seem to minimize taxes---even if it as the expense of charitable donations.
Also I call bull here--the tax break for destroying obsolete inventory is minimal, and LESS than that of a charitable deduction. Any tax attorney worth their salt would have told the Ks to make a bona fide sale of their worthless crap to a clothing liquidator like Marshall's, to get the most tax bang.
I'm no fan of this family, but they did what every other small and large business in this country do on a daily basis---make a business decision that results in lower tax exposure. I also have no idea how Enty knows what the K's put on their tax returns but whoever leaked this info, CPA assumingly, should lose their license.
I doubt if the Kraptrashians would get the tax deduction.
It's more likely that Sears, which has an exclusive would get it.
Sears would donate it with the proviso that the labels are cutoff, which is a common requirement in these cases.
Kardashians also sell through QVC. Probably very likely that they'd get a lot of returns from those sales, since people are basically buying sight unseen and cannot try on or touch the clothing first.
They still get a tax break if the donate. Maybe not as big but still
The K's don't want their fans to buy their crap on the cheap at Marshalls! They would rather burn the stuff than have their DUMB fans say wait until that garbage shows up at Marshalls to buy it. I've NEVER, EVER seen anyone wearing anything they stamp their names on.
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