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2007-01-07 Home Front Economy

New IRS Rule: Theft Is Now Tax-Evasion, Unless You Declare It

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Posted by Anonymoose 2007-01-07 00:00|| || Front Page|| [4 views since 2007-05-07] Top

#1 The "Al Capone" clause.

Posted by mojo">mojo 2007-01-07 00:13|| 2007-01-07 00:13|| Front Page Top

#2 Submit official petition to Congress to investigate the IRS under RICO statute?
http://en.wikipedia.org/wiki/Racketeer_Influenced_and_Corrupt_Organizations_Act

Posted by newc">newc 2007-01-07 02:32|| 2007-01-07 02:32|| Front Page Top

#3 This isn't new. I remember hearing about it in my basic income tax class, fall 1988--and it wasn't all that big a deal even then.

Posted by Mike 2007-01-07 08:51|| 2007-01-07 08:51|| Front Page Top

#4 It does sort of seem to be earned income.

Posted by bigjim-ky 2007-01-07 10:35|| 2007-01-07 10:35|| Front Page Top

#5 Sounds unconstitutional to me; something about the 5th Amendment and all......But then there are some pretty stupid crooks out there.

Posted by USN, ret. 2007-01-07 12:07|| 2007-01-07 12:07|| Front Page Top

#6 iirc, the IRS filings can not be used in a court of law towards any criminal conviction because of the 'self incrimination' clause specifically for identifying the 'gain' as less than lawful. As mojo mentioned, its the Capone clause. They get you for tax evasion rather than the actual criminal process.

Posted by Procopius2k 2007-01-07 12:14|| 2007-01-07 12:14|| Front Page Top

#7 Does this mean that we can claim property stolen from us as a loss?

Posted by CrazyFool 2007-01-07 12:21|| 2007-01-07 12:21|| Front Page Top

#8 Unless it's stolen by the government. Even then, if it's stolen by a State or local government, you can declare it on your Federal taxes.

Posted by Jackal">Jackal 2007-01-07 14:46|| http://home.earthlink.net/~sleepyjackal/index.html]">[http://home.earthlink.net/~sleepyjackal/index.html] 2007-01-07 14:46|| Front Page Top

#9 Sniff, sniff, and to think its only been precedent since the last century, i.e. the Capone trials. Going on 100 yarns later, now they tell us.

Posted by JosephMendiola 2007-01-07 23:13|| 2007-01-07 23:13|| Front Page Top

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