Interesting IRS Rule

[Moseso]

Learn something new every day! I was reading IRS publication #525, "Taxable and Non-Taxable Income," trying to get some information I need, when I encountered this...

Who knew?


"Stolen property:

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."

 

[DrEntropy]

Is that rule reciprocal?

 

[JPSmit]

That's how they finally nailed Al Capone - tax evasion, he didn't report it

 

[aeronca65t]

Reminds me of this bumper sticker.

 

[martx-5]

That makes about as much sense as the gambling rule...you have to report your winnings and can deduct from that your losses, but your losses can not exceed your winnings. Unless you hit the lottery big time, why bother...

 

[coldplugs]

Many states have a law stating that you need to buy a special stamp to register illegal drugs. The intent is to create a violation to aid in prosecution.

 

[Basil]

Many states have a law stating that you need to buy a special stamp to register illegal drugs. The intent is to create a violation to aid in prosecution.

As if posessing the illegal drugs in the first place isn't enough! Oh Brother,

 

[coldplugs]

Apparently 20 states have them. For example:

www.ksrevenue.org/perstaxtypesdrug.htm

www.highbeam.com/doc/1P1-149645336.html

I was unaware of this until yesterday when I read about these tax stamps in a magazine.

 

[AngliaGT]

John,

Were you reading "High Times"?

- Doug

 

[coldplugs]

John,

Were you reading "High Times"?

- Doug

No, I think my subscription must have lapsed. Actually it was either the <span style="font-style: italic">Economist</span> or an old issue of Road & Track.