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IRS Suffers Staggering Defeat

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posted on Oct, 24 2007 @ 07:21 AM
Hi all, I was checking out THIS article about some folks, actually 161 of them vs the IRS -- check the stats, the people won. Its a couple of odd cases dealing w/ gold & silver. . . .

The essence of the argument is that under the Constitution Congress is obligated by law to mint and circulate such coins as demand requires, and must establish the value of coins as they are used as legal tender, but the coins' market value, arising as valuable personal "property," is a distinct, separate attribute of such coins, and is of no legal consequence if the coins are used as legal tender.

In other words, if a worker is paid with such coins, his taxable "income" (if any) can only be the face value indicated upon the coin money paid -- i.e., $1.00 for a circulating silver dollar or $50 for a circulating gold U.S. coin. Not surprisingly, the IRS has never issued any public guidance regarding this significant issue. The first case, Ling Su Fan v. U.S., 218 US 302 (1910) establishes the legal distinction of a coin bearing the "impress" of the sovereign:

"These limitations are due to the fact that public law gives to such coinage a value which does not attach as a mere consequence of intrinsic value. Their quality as a legal tender is an attribute of law aside from their bullion value. They bear, therefore, the impress of sovereign power which fixes value and authorizes their use in exchange."

posted on Oct, 24 2007 @ 07:25 AM
So this means basically that a company can pay you in Gold or Platinum American Eagle coins but you only have to report their grossly undervalued face value as income?

Wow, that's a pretty cool loophole! I bet it'll be closed soon though if this idea actually catches on.

posted on Oct, 24 2007 @ 07:49 AM
The IRS needs to be dissolved, simple and plain. These crooks have had their time in the sun. They are a corrupt and dated institution making our every day lives even more difficult. I loved being 19 and single, being totally unaware of what the IRS or Federal Income Tax ever was and making over 2000 dollars a week and over 400 going to FIT.

M F 'ers.

posted on Oct, 24 2007 @ 08:32 AM
It took some work to find but here's the link to the original story.

It appears that no main stream media picked up on this one. I wonder why.

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