One Million Dollars?

ItDonnedOnMe said:
I'd get the million dollars in one dollar bills. Head down to the beach, make a giant pile, dump some gasoline on it, and have the world's most expensive bonfire.

I'd then post the video of it on youtube, which would be sure to go viral and get millions and millions of views. And then - profit! That's how viral videos work, right?
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This may be of interest to you: http://en.wikipedia.org/wiki/K_Foundation_Burn_a_Million_Quid

But anyway, I can't imagine how socking some money away as living expenses, so I could quit my dayjob, would NOT benefit my creative career! Other than that, studio upgrades and book some proper orchestral sessions. Maybe even go back to school for film composition (can't hurt, particularly for learning the business/networking end of things!) Pay some folks around here to do some music videos for my band. Maybe even get some films for projection during live shows. And go on tour!

Oh, and flattered to be added to richy's list, of course :D
 
richy said:
So I suppose you'd only get something like half or maybe sixty percent of that after taxes, right? Just trying to get the proper perspective on the amount we'd actually be playing with.
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Pretty much on the money....

https://www.youtube.com/watch?v=JLwk8iIqwz4
 
richy said:
So I suppose you'd only get something like half or maybe sixty percent of that after taxes, right? Just trying to get the proper perspective on the amount we'd actually be playing with.
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sonnyboo said:
Pretty much on the money....
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Actually no - as long as you spent it all on the production you'd get the full million dollars because you'd take it all as a business expense and end up with no taxable income left over. For example with my project it would be:

Income: $1,000,000

Expenses:
- Box of matches: $1.49
- Lighter fluid: $3.79
- Fuel: $999,994.00

Remaining Profit: $0.72

Thus I won't have to pay any taxes until I start raking in the profits from my viral video hit.
 
richy said:
So they wouldn't tax it as a gift in the first place though?
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I suppose it depends on how the transaction was handled. If you formed an LLC (could probably even get away with it as a sole proprietorship) , and called it a grant to the company rather than a gift to an individual, then it should work within the standard business income/expense model.

Anyway, IDOM, you can be my accountant anytime. =)
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Trust me, you don't want that...
 
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