50s: Starting with a storage ring

Chapter 331 Choice
"Som, among all the markings, I also marked appreciation potential. I suggest you keep some collectibles with huge appreciation potential for the long term, as they will sell for higher prices in the future."

"Jim, thank you for reminding me. I will definitely keep that in mind."

"Another issue is the storage environment. The storage environment here is not very good. I suggest you build a dedicated storage room with constant temperature, humidity, dust-free conditions, and security."

"This is the only way to ensure that valuable antiques can be kept in their best condition for a long time. You know, the value of a well-preserved antique is vastly different from that of a damaged one."

"Understood. I'll find someone to build a dedicated collection room tomorrow."

Old Lancaster was so agitated that he could hardly calm down and even stammered.

Seeing that he was not in a good mood to discuss the payment, Sun Zhiwei said goodbye to Old Lancaster and went upstairs to rest.

Old Lancaster wasn't a fool. He was indeed excited about all those valuable antiques, but now an awkward problem had arisen.

He didn't have enough cash to pay for the appraisal.

According to Sun Zhiwei's minimum fee standard, the appraisal fee is 4% of the item's value. Therefore, the elder Lancaster will have to pay more than $800 million in appraisal fees.

Even without considering his collection, Old Lancaster's fortune was worth well over a few million.

But most of it consists of fixed assets, factories, mines, and stocks. If he were to take out 800 million yuan in cash, it would be a huge financial blow.

Sun Zhiwei had taken this into consideration, which is why he didn't speak up directly; he wanted to wait for old Lancaster to make his own decision.

Following Anglo-Saxon tradition, Sun Zhiwei considered the worst-case scenario: old Lancaster would turn on him and kill him outright.

However, that depends on whether he has the guts.

If he succeeds, he can save millions of dollars. But there are also potential problems; Sun Zhiwei's visit wasn't just known to one person.

He also has rivals within the Rifle Association; countless people are eyeing his position. They are meticulously searching for his weaknesses, hoping to bring him down.

Throughout the night, Sun Zhiwei remained highly vigilant, constantly monitoring the area around him and keeping an eye on old Lancaster's movements.

He could guarantee that if old Lancaster dared to be shameless, he would teach him a lesson he would never forget.

Unfortunately, Sun Zhiwei was disappointed. Old Lancaster showed no intention of taking action. Nothing more was said that night. The next morning, Sun Zhiwei had breakfast with Old Lancaster and his wife.

Then, old Lancaster said to Sun Zhiwei, "Jim, let's go to the basement and have a good talk."

“Okay, Som.” Sun Zhiwei knew he was about to lay his cards on the table, but he didn’t know what he was thinking.

Old Lancaster certainly didn't have that much money; it all depended on what he wanted to use to offset the expenses.

The two walked down to the basement together, basking in the splendor of the millions of antiques.

Old Lancaster looked at it for a long time before speaking: "Jim, you should know that I don't have that much cash to pay for your appraisal."

“Yes, I know,” Sun Zhiwei replied calmly.

"If I were 20 years younger, I probably would have done some irrational things."

Old Lancaster stroked the collection beside him and said slowly:

"But I'm over seventy years old and about to meet God. No amount of money means much to me anymore."

"So, I'm thinking of using something to offset most of the appraisal fee. What do you think?" "Somme, you tell me. As long as it's roughly accurate, I'm fine with it."

“Very good, I have a few ideas, and you can choose.”

"First, there are these antiques. You know their value best. You can choose a portion of them to offset the appraisal fee."

Sun Zhiwei listened quietly without saying a word. Antiques are valuable, but they are not so easy to liquidate. Value is one thing, but you only get money when you sell them.

Old Lancaster didn't wait for his reply, but continued, "Secondly, there are my current properties, which consist of three parts."

"The first part consists of six mines, four farms, two ranches, and two factories in China; the total value is $5000 million."

"The second part consists of four mines and two desert islands overseas; the total value is $2000 million."

"The third part consists of a portfolio of real estate, stocks, and cash; the stocks are currently worth $1800 million, the real estate $1000 million, and the cash $200 million."

“My total assets are currently around one hundred million US dollars, which is enough to cover your appraisal fees. You can choose some from them.”

This put Sun Zhiwei in a difficult position. He didn't insist on cash because taxes in the US are very high, and he had to consider the tax implications.

“Som, I’m friends with Milan, and I think we’re friends now. Actually, I don’t care how much the fee is this time.”

"You should know that I have very few friends, so I cherish each and every one of them."

“When I was poor, I lived in a rented room and drank cheap Coke, but I was still very happy.”

"It's not a good thing for you to make me choose like this. My idea is to make a choice based on your advice. Now tell me your advice, Som."

Looking into Sun Zhiwei's sincere eyes, Old Lancaster's previously agitated mood calmed down. He looked at Sun Zhiwei with appreciation before speaking.

“Jim, you’re a good boy, so let me help you choose.”

"You have to understand, the IRS's eyes are everywhere. Even I can't afford to fall out with them. We all have to give each other some face."

"My advice is to take less cash and more stocks, and less domestic assets and more foreign assets."

"Since you want me to make the decision for you, I'll tell you."

“Take $100,000 in cash, $2 million in stocks, $1 million for a farm, $2 million for a mine overseas, $500,000 for a small island, and finally, $2.4 million for antiques.”

Sun Zhiwei did not refuse, but he was not quite sure about old Lancaster's intentions. Adhering to the principle of asking if you don't know, he asked directly, "Somme, tell me your reasons."

Old Lancaster smiled happily; the old folks all liked young people who were willing to listen to advice.

"This option is mainly to avoid IRS taxes. Assuming you take all the cash, the IRS will eventually take 70% of it."

"So, for the cash portion, a certain amount is fine. It's your store's income, and you should pay taxes normally. Not paying any at all is not acceptable; the IRS will be watching you."

Sun Zhiwei nodded. He knew that the IRS had tentacles everywhere, and it would be difficult for his business operations to escape their investigation.

"For the stock portion, no tax is payable as long as it is held for the long term. Stock dividends are subject to a 10% capital gains tax."

(End of this chapter)