0:01
talk about, you know, what are the real
0:03
numbers behind the Augusta rule. So, uh,
0:05
for example, you know, my current home
0:07
as it stands here, the comparables for
0:10
it are actually wedding venues. There’s
0:12
nothing else even close. Um, so, uh,
0:15
when we looked around for comparables,
0:17
we were calling some of the local
0:18
wedding venues and they rent for $3,000
0:21
a day. So, uh, 14 times 3,000 is
0:24
$42,000.
0:26
uh you know applying the highest tax
0:28
bracket and also the Idaho state taxes
0:32
both because also some people don’t
0:33
realize that it’s it’s both taxes state
0:36
and federal.
0:37
Depends on the state.
0:37
That depends on the state. So uh we are
0:41
receiving it’s like $17,100
0:44
and some dollars a year benefit when we
0:47
get all 14 events in in a year. So, it’s
0:49
not an insignificant benefit. And that’s
0:51
on autopilot year after year once we
0:53
establish the events that we’re going to
0:54
host. And not only that, but um so a
0:58
month ago, we had a trade partner event
1:00
where we had, you know, a couple dozen
1:01
trade partners over and uh fed them
1:04
lunch and then educated them. And we’re
1:06
educating them on the national uh um
1:09
situation in construction because we own
1:11
uh construction businesses and then we
1:13
educated them on the local market uh on
1:15
uh hiring, retaining talent. I mean key
1:18
topics that strengthen their business
1:20
that strengthen our business. And so
1:22
it’s a net win for us because we’re uh
1:24
we’re achieving our business objectives
1:27
and we’re getting a tax savings and uh
1:31
tax-free income all in one swoop.
1:33
Well, in fair market value of anything,
1:35
I mean that one of one of the most
1:36
common fights you have with the tax
1:38
authorities, whether it’s property tax
1:40
or income tax,
1:41
what’s the value of a thing? And it
1:43
could be the value of a house. It could
1:45
be the value of services provided. We
1:48
argue over the value of everything and
1:49
it’s relevant in the code.
1:51
Yeah,
1:51
it’s subjective. What do we do when
1:53
things are gray? Value is gray. When
1:55
it’s gray, we play. When it when the law
1:58
is black and white, even if we dislike
1:59
it, we follow the law.
2:01
Yeah.
2:01
It’s period. We’re not suggesting
2:03
otherwise. We follow the law when it’s
2:04
clear.
2:05
When something’s gray, we’re obviously
2:08
going to argue in our favor. Now, we
2:09
don’t want to be dumb about it, right?
2:10
What’s the old saying? Little pigs get
2:13
fat, big hogs get slaughtered.
2:15
So going and pulling a full hotel value,
2:18
including the personal property, and
2:20
overinflating your home’s rental value,
2:23
that’s that’s not good.