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Declare stolen property to the IRS





Bondings
Apparantly in the USA you are required to declare stolen property to the IRS.

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.


http://www.irs.gov/pub/irs-pdf/p17.pdf (page 90)

Now this is pretty funny. Very Happy
snowboardalliance
Wow is that really from the IRS?
You have to report stolen property, illegal income, and bribes aparently.
Agent ME
Rofl - what'd be funnier was if they didn't bother to look into it and prosecute for more serious things.
standready
Never cross the taxman! Penality interest and fines for not reporting your ill-gotten gains will make you rob a bank to cover that bill. LOL
HoboPelican
Remember, that is how they nailed Al Capone. He didn't report all that money he made in his illegal business dealings. The Cops worry about the law, the IRS just wants its cut. Smile
alkady
Actually it's a bit like that everywhere, even in Canada. If you find a penny on the ground, your still expected to declare it. Most people don't declare the penny at all and the government will never know, but I find it rediculous that they go to such lenght just to tax people.

When your on welfare, you still pay taxes which is rediculous because your just giving back the money the government gave you in the first place. If that's not enough, they even pay for the postage which makes it more costy to collect taxes from those on welfare.
watersoul
It does seem pretty crazy, I was just wondering though, if you did pay the tax on declared stolen money, then subsequently convicted and fined in the courts, would the fine be deductable in your next years income?
I'm guessing not! Smile
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