RichardPrice
Topic Author
Posts: 4474
Joined: Sat Apr 23, 2005 5:12 am

I Guess The IRS Really Do Want Your Money

Tue Dec 05, 2006 1:24 am

When someone pointed this out to me, I couldnt believe it until I went and had a look for myself.

In the '2006 Taxable and Nontaxable Income' document (publication 525), the IRS requires you to include valuations for the following:

Quote:

Stolen property. If you steal property, you
must report its fair market value in your income
in the year you steal it unless in the same year,
you return it to its rightful owner.

...

Bribes. If you receive a bribe, include it in your
income.

...

Illegal income. Illegal income, such as money
from dealing illegal drugs, must be included in
your income on Form 1040, line 21, or on
Schedule C or Schedule C-EZ (Form 1040) if from
your self-employment activity.

http://www.irs.gov/pub/irs-pdf/p525.pdf

I guess the Government have all angles covered...
 
Pope
Posts: 3995
Joined: Thu Mar 24, 2005 5:57 am

RE: I Guess The IRS Really Do Want Your Money

Tue Dec 05, 2006 1:53 am

Remember, the government was only able to ever get Al Capone on tax evasion. It's much easier to prove that you didn't report income rather than prove that the income was obtained illegally. This is even more so in today's electronic era where every transaction leaves a paper record.
Hypocrisy. It's the new black for liberals.
 
Dougloid
Posts: 7248
Joined: Tue Jul 05, 2005 2:44 am

RE: I Guess The IRS Really Do Want Your Money

Tue Dec 05, 2006 1:58 am

Quoting RichardPrice (Thread starter):
When someone pointed this out to me, I couldnt believe it until I went and had a look for myself.

In the '2006 Taxable and Nontaxable Income' document (publication 525), the IRS requires you to include valuations for the following:

Quote:

Stolen property. If you steal property, you
must report its fair market value in your income
in the year you steal it unless in the same year,
you return it to its rightful owner.

...

Bribes. If you receive a bribe, include it in your
income.

...

Illegal income. Illegal income, such as money
from dealing illegal drugs, must be included in
your income on Form 1040, line 21, or on
Schedule C or Schedule C-EZ (Form 1040) if from
your self-employment activity.


http://www.irs.gov/pub/irs-pdf/p525.pdf

I guess the Government have all angles covered...

And you care because.......?

Oh....would you like to pay some taxes in the States? If not, pleace contact Inland Revenue.

http://www.hmrc.gov.uk/
If you believe in coincidence, you haven't looked close enough-Joe Leaphorn
 
RichardPrice
Topic Author
Posts: 4474
Joined: Sat Apr 23, 2005 5:12 am

RE: I Guess The IRS Really Do Want Your Money

Tue Dec 05, 2006 2:11 am

Quoting Dougloid (Reply 2):

And you care because.......?

Oh....would you like to pay some taxes in the States? If not, pleace contact Inland Revenue.

Is there some requirement that I have to care? I just found it amusing.
 
ThePRGuy
Posts: 1833
Joined: Thu Aug 10, 2006 10:07 am

RE: I Guess The IRS Really Do Want Your Money

Tue Dec 05, 2006 2:26 am

Thats absolutely hilarious, who are they kidding?!!?!
Heathrow has been described as the only building site to have its own airport.
 
VC10BOAC
Posts: 387
Joined: Wed Feb 04, 2004 2:11 am

RE: I Guess The IRS Really Do Want Your Money

Tue Dec 05, 2006 2:42 am

Pope hit the nail on the head. I don't think the IRS really expects tax payments on stolen property, bribes or illegal income, however they made it the law so that tax evasion chargs could be filed when it is difficult to determine that the property or income was obtained illegally.

Also in the unlikely event that someone declares illegal income, that's more revenue for the government so it is a win-win situation.

I cannot immagine what would ever motivate someone to declare illegal income. I mean come on... you commit a crime and then run to the government to not only tell them about it but to also pay for it?
 
Dougloid
Posts: 7248
Joined: Tue Jul 05, 2005 2:44 am

RE: I Guess The IRS Really Do Want Your Money

Tue Dec 05, 2006 2:49 am

Quoting RichardPrice (Reply 3):
s there some requirement that I have to care? I just found it amusing.

I'm quite sure Inland Revenue has similar requirements. I've never dealt with those fine folks though....it's just puzzling that you would need to go to the IRS for amusement. Well, what the hell, one big happy dysfunctional family, right?

Just between you and me, having anything at all to do with these folks beyond filing my returns each year, on time scares the bejabbers out of me. To screw around with the government's money is to get one's balls broken.
If you believe in coincidence, you haven't looked close enough-Joe Leaphorn
 
RichardPrice
Topic Author
Posts: 4474
Joined: Sat Apr 23, 2005 5:12 am

RE: I Guess The IRS Really Do Want Your Money

Tue Dec 05, 2006 3:31 am

Quoting VC10BOAC (Reply 5):
you commit a crime and then run to the government to not only tell them about it but to also pay for it?

Well its conceivable that such a thing could happen - you take a bribe or steal something, get taken to court for it, get found not guilty for whatever reason (jsut so long as you didnt take the stand and purjure yourself) and then, before the end of that financial year, you file the income with the IRS because you know they have enough to get you on tax evasion.



Quoting Dougloid (Reply 6):
I'm quite sure Inland Revenue has similar requirements. I've never dealt with those fine folks though....it's just puzzling that you would need to go to the IRS for amusement.

Ok, I just thought someone else might find it funny - looks like theres a few people who got out of the wrong side of the bed this morning who cant see that.

Next time I find something mildly amusing, I shall keep it to myself.
 
Lutenist
Posts: 280
Joined: Tue May 03, 2005 4:29 am

RE: I Guess The IRS Really Do Want Your Money

Tue Dec 05, 2006 3:59 am

Quoting RichardPrice (Reply 7):
Quoting Dougloid (Reply 6):
I'm quite sure Inland Revenue has similar requirements. I've never dealt with those fine folks though....it's just puzzling that you would need to go to the IRS for amusement.

Ok, I just thought someone else might find it funny - looks like theres a few people who got out of the wrong side of the bed this morning who cant see that.

Oh, don't mind him. He's just bothered by the fact that he can't play a real musical instrument.  devil 

I found it amusing.

By the way, Canadian tax laws too require that all illegal receipts be included in taxable income. Unfortunately, deductions are not allowed for outlays incurred in 'earning' such income.
 
bagpiper
Posts: 1050
Joined: Mon Nov 13, 2006 11:24 pm

RE: I Guess The IRS Really Do Want Your Money

Tue Dec 05, 2006 7:22 am

Dang.

So, I have to report the fair market value of my sister's pencil? Talk about lots of busy work. :-P

Oh and also the fair market value of that Coke (the drink kind of Coke, not the drug) I got as a bribe too... the only problem is that the Coke is now owned by the County Water Company, since it has long since been peed out of my body, and filtered into water.

So, I guess the county water authority needs to report the value of the coke (minus the can [which, might as well use the CA 5 cent rule, even though I dont live in CA]) as a stolen good. I, on the other hand, need to report the value of the can. And, if I still have any of that coke inside of me by the end of the financial year, I need to report that, too.

Whew.
 
Dougloid
Posts: 7248
Joined: Tue Jul 05, 2005 2:44 am

RE: I Guess The IRS Really Do Want Your Money

Wed Dec 06, 2006 12:30 am

Quoting Lutenist (Reply 8):
Oh, don't mind him. He's just bothered by the fact that he can't play a real musical instrument.

Prithee, sir....may you be seared by the Blazing Flatulence of the Demon Who Controls School Bands and Inflicts Them On The Rest Of Us. You shall be condemned to Tootling in Hell in a Special Circle Mr. Dante has discovered just for you. It's not permanent though...you will only have to be a high school music teacher for the next ten thousand years.


 Angry  Angry  Angry  Angry
If you believe in coincidence, you haven't looked close enough-Joe Leaphorn
 
Lutenist
Posts: 280
Joined: Tue May 03, 2005 4:29 am

RE: I Guess The IRS Really Do Want Your Money

Wed Dec 06, 2006 3:27 am

Quoting Dougloid (Reply 10):
Prithee, sir....may you be seared by the Blazing Flatulence of the Demon Who Controls School Bands and Inflicts Them On The Rest Of Us. You shall be condemned to Tootling in Hell in a Special Circle Mr. Dante has discovered just for you. It's not permanent though...you will only have to be a high school music teacher for the next ten thousand years.

Oh, that would seem a horrible fate. But I shall emulate Orpheus. I shall play my lute. Its sweet and gentle tones will soften even the hardest of demons. It shall bend their wills to me and I shall conquer even the DWCSB&ITOTROU.

Nice try though, D.
 
Dougloid
Posts: 7248
Joined: Tue Jul 05, 2005 2:44 am

RE: I Guess The IRS Really Do Want Your Money

Wed Dec 06, 2006 4:35 am

Quoting Lutenist (Reply 11):
Oh, that would seem a horrible fate. But I shall emulate Orpheus. I shall play my lute. Its sweet and gentle tones will soften even the hardest of demons. It shall bend their wills to me and I shall conquer even the DWCSB&ITOTROU.

Nice try though, D

Oh....I did not know that your lute was made of asbestos and stainless steel.....




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If you believe in coincidence, you haven't looked close enough-Joe Leaphorn

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