After careful examination of the new Senate tax bill, The Daily Flogger has learned that one of the obscure provisions in the bill will require Leatherman and Leatherwomen to declare any leather gifted to them as taxable income. The value of which must confirm to current leather community standards.
According to Mistress Margo, a 48 year old Dominant leather woman and certified CPA, this could have major ramifications for the leather world, mostly because of the hyperbole they use to describe gifted leather items.
“I am really lucky,” she told The Daily Flogger, “when I was gifted this leather vest from my mentor, I told people it was ‘priceless.’ If the IRS got a hold of that statement, I could have been on the hook for a lot of money. Lucky for me, I itemized my vest on Schedule C and it was gifted in the 2016 tax year.”
She is worried about her boots, however, which were a gift from a member of her leather family. “The transfer of leather occurred in the 2017 tax year,” she explained, “and as much as it pains me to say this, I have seen similar used boots at the local Goodwill for around five dollars. This will be published, right?”
Mistress Margo is encouraging everyone in the leather community to make public declarations about the value of the leather and to avoid hyperbolic statements.
“I am really worried about Master Kip Yonders,” Mistress Margo cautioned, “He just said in a public address that the leather he has earned is worth more than all the tea in China. You can actually measure that. His tax bill could be in the hundreds of millions.”