Dave Kleiman Case’s Catch Lies In Inheritance Tax
The court battle is still between the Australian inventor and computer scientist, Craig Wright, and his late partner’s brother, Ira Kleiman. The court case is centered on the alleged theft of $10 billion by Wright from his late business partner, Dave Kleiman. With a judgment in Ira’s favor, Craig must pay half that sum or 500,000 in BTC. This sounds pretty straightforward a ruling, but there’s a catch: inheritance tax.
Ira is due to receive $5 billion AUD, and inheritance tax on crypto in Australia is a whopping 40%. The only way Ira can avoid having to sell a huge chunk of BTC to pay for this tax is if he has $2 billion just lying around – that’s ‘billion’ with a ‘B’. If he doesn’t have that much cash, he would have to sell a massive amount of BTC, which some have said could crash the market.