Has anyone heard about this case?
Summed up, an employer was paying his employees with legal tender gold and silver bullion. The employees when filling their income tax statements placed the face value amounts of the bullion coins they had received as their taxable income. They therefore paid no income tax due to the total taxable income level of the face value of the legal tender coins was below the reporting threshold set by the IRS.
Of 161 charges the IRS filed, there were 0 convictions!
Can anyone shed some additional insight on this issue?
Illinois
http://www.lvrj.com/news/9893062.htmlWhat is the name of your state?
Summed up, an employer was paying his employees with legal tender gold and silver bullion. The employees when filling their income tax statements placed the face value amounts of the bullion coins they had received as their taxable income. They therefore paid no income tax due to the total taxable income level of the face value of the legal tender coins was below the reporting threshold set by the IRS.
Of 161 charges the IRS filed, there were 0 convictions!
Can anyone shed some additional insight on this issue?
Illinois
http://www.lvrj.com/news/9893062.htmlWhat is the name of your state?