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“Kahre hadn’t committed a crime. He had upset the Internal Revenue Service by paying his workers based on the face value of gold and silver coins, versus the market value in the Federal Reserve system (the value of the coins in U.S. paper dollars). Even though the coins were in circulation, displayed a face value, and were regulated by Congress, the IRS’s confusing and endless tax code did not determine how to handle these gold and silver coins if used for payroll. The tax code only references dollars. It does not distinguish between coined money and paper money.”

~ Good as Gold

The best tax man I know - Chief Chief - uses nothing but IRS publications to determine courses of action for his clients. I know why.

much of the time, the IRS agents don’t even know or understand their more obscure regulations
if he has beaten them with plain language, they cannot afford to have a court rule in his favor and let everyone take advantage of the loophole

So they leave him alone, at least for now.

=====
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May

31

Unclaimed Property

Filed Under Stupid Government Tricks, Unclaimed Property | Leave a Comment

Each state has its own procedures for how to dispose of unclaimed property in bank accounts, brokerage accounts, safe deposit boxes, insurance policies, and the like.

Here is a story from California showing what happens when banks and the state are more interested in not finding owners and beneficiaries:

http://pinurl.com/ar0

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Unclaimed Property

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