I thought only kids had imaginary friends. Well, it turns out IRS makes them up too. Theirs is a shadowy recluse billionaire in China who might buy a piece of art on the black market.
IRS estimated value of this piece of art (which can’t be legally bought or sold because it contains a stuffed eagle’s head!) is $65 million! Here’s the story from Forbes:
The IRS is totally irrational and immoral. The item can’t be sold so it has absolutely no market value. You can’t just conjure up a theoretical situation with a make believe customer and decide what it is worth. All that you are doing is following your own tail around like a dog.
This is the same kind of chicanery that creates terms like “aggregate”. http://isaacbrocksociety.com/2011/12/19/the-term-aggregate-in-irs-speak-is-a-fraud-perpetuated-on-us-persons/