There are some really amazingly rare and sought after tax scam records. I've been lucky enough to find/have a couple (Newban 2 & Jay-T - Party Time) but there's some heavy 4 figure LPs out there:
Nice, Newban is a great record. Some of the TSG releases are killer too - Spice and The Topics are my favorites. Never had any, though.
I don't understand how (as per the first paragraph) you can invest $20,000 and claim you lost $1,000,000. They did not explain that at all. Which seems stupid as that's what the article is about.
I found this (http://nightflight.com/newpost/) other article which tells a similar story but has slightly more detail. 1970s tax law apparently let you write off the (make believe) appraised value of a master recording rather than the actual cost.
Which doesn't make you money, as much as it offsets profits.
I think we're all familiar with a person who's done that.
I'd like to see a wiki or list of various tax scams people have used over the years.