- The Ridingers thought the 2016 donation would save them about $2 million on their taxes. Instead, they ended up paying $3.5 million in taxes and penalties.
- Yacht donations are rare. In 2019, the most recent year for which IRS data are available, American taxpayers donated about 4,000 boats.
- The IRS swooped in, contending that Mr. Ridinger knew that Utopia II wasn’t worth the amount listed on his tax returns.
JR and Loren Ridinger wanted a new yacht. First, they...
https://mfame.guru/the-irs-sank-these-millionaires-idea-of-turning-a-yacht-into-a-tax-break/