$10 sale could cost Ark Encounter millions

[Norbert]

The enormous Noah's Ark theme park, which opened last July, was created by Christian fundamentalist organization Answers in Genesis and established as a for-profit LLC. On June 28, however, Answers in Gensis transferred the $48 million parcel of land on which the Ark Encounter was built to a nonprofit subsidiary called Crosswater Canyon.

Crosswater Canyon paid just $10 for it.

Why does any of this matter? As a nonprofit entity, Crosswater Canyon has been able to claim religious tax exemptions for which the Encounter did not quality. Williamstown City Council members openly worried that the sale would be the first step in the Ark Encounter's leadership attempting to establish itself as a tax-exempt entity.

snip

In an apparent move to prevent the Ark Encounter from avoiding the taxes it originally agreed to pay, the Kentucky Tourism Arts and Heritage Cabinet acted Friday and suspended a tax incentive worth up to $18 million until the theme park either re-applies or its sale to Crosswater Canyon is reversed.

In short, they tried to pull a fast one.

[link:http://www.wcpo.com/news/state/state-kentucky/10-sale-could-cost-ark-encounter-millions|

[WhiteTara]

1. Must be Republicons.

[Kaleva]

2. Noah was able to avoid the tax collectors as they all drowned.

[lunasun]

3. Render unto Caesar .. also Paul /taxes in Romans .The grifters don't even follow thier own book!

[Jersey Devil]

4. This conveyance may well be set aside by a court under the Statute of Frauds

You can't give property away to avoid debts. This is basic law school stuff. They won't get away with it.

[Warren DeMontague]

5. Who knew that the people who think the Earth is 6,000 years old

would have trouble with math?

[TlalocW]

6. This is how stupid Ken Ham is

The safety tax that made them sell it to themselves would cost them 50 cents a ticket. They got approximately 1 million visitors their first year (half of what they claimed they would). So, if they get 1 million visitors a year (unlikely), they would pay $500,000 a year or $5,000,000 over the same 10 year period that the $18 million tax rebates are for. OR they could raise the price of their tickets 4 bits. Adults get in for $40. If you're really wanting to walk around in a large wooden box to see a fake zoo (no live animals), paying an extra 50 cents is the least of your worries. If they did that, the tax hike is passed along to their customers, and they essentially pay zero.

$18,000,000 > $5,000,000 > $0 <- Ken doesn't understand this.

TlalocW