selling anything for over $600,000 gets IRS attention, and he was already $200,000 in debt to them for penalty
Terry Myr, 71, who was convicted in April of attempted tax evasion and four counts of failure to file tax returns, after he evaded paying taxes on the $610,000 sale, was given two years in prison and two years supervised release and ordered to pay $738,904 in back taxes, interest and penalties by U.S. District Judge Nancy Edmunds.
Myr, a self-employed mechanic, already owed about $195,000 in taxes and penalties run up from 2000 to 2003 when he told the buyer of a rare Ferrari engine in 2009 to wire transfer the $610,000 into a corporate bank account he had created the week before, according to court documents and prosecutors.
http://news.yahoo.com/michigan-mechanic-gets-prison-over-sale-ferrari-engine-221202019.html?soc_src=mediacontentsharebuttons&soc_trk=fb
What kind of engine is worth $600,000? A Ferrari racing engine designed by Aurelio Lampredi, who took Ferrari to success in '53 and 54 with large 3.3, 4.1 and 4.5 L versions of its V12 which first saw use in the 1950s 275S, 340 F1 and 375 F1 race cars.
https://en.wikipedia.org/wiki/Aurelio_Lampredi
https://en.wikipedia.org/wiki/Ferrari_Lampredi_engine
But his best engines were with Fiat, after Ferrari
Terry Myr, 71, who was convicted in April of attempted tax evasion and four counts of failure to file tax returns, after he evaded paying taxes on the $610,000 sale, was given two years in prison and two years supervised release and ordered to pay $738,904 in back taxes, interest and penalties by U.S. District Judge Nancy Edmunds.
Myr, a self-employed mechanic, already owed about $195,000 in taxes and penalties run up from 2000 to 2003 when he told the buyer of a rare Ferrari engine in 2009 to wire transfer the $610,000 into a corporate bank account he had created the week before, according to court documents and prosecutors.
http://news.yahoo.com/michigan-mechanic-gets-prison-over-sale-ferrari-engine-221202019.html?soc_src=mediacontentsharebuttons&soc_trk=fb
What kind of engine is worth $600,000? A Ferrari racing engine designed by Aurelio Lampredi, who took Ferrari to success in '53 and 54 with large 3.3, 4.1 and 4.5 L versions of its V12 which first saw use in the 1950s 275S, 340 F1 and 375 F1 race cars.
https://en.wikipedia.org/wiki/Aurelio_Lampredi
https://en.wikipedia.org/wiki/Ferrari_Lampredi_engine
But his best engines were with Fiat, after Ferrari
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