Aug
23
2006

seen: income

Doing some research yesterday about what the IRS considers taxable income, I came across this surprising guideline in an IRS publication:

Bribes. If you receive a bribe, include it in your income.

Riiiiight. Tell the government about the bribes you accepted. I wonder how one would declare that. “Consulting fee”?

Tags:
Posted at 11:24 AM in politics & bureaucracy, seen and heard

Previous entry: on the market (home) | Next entry: nein (science)

Comments

This is just whack. Your government in action.

Posted by Washington Cube on August 23, 2006 2:02 PM

Well, that’s a relief. But what do I do with money I’ve stolen?

Posted by Doug Nelson on August 23, 2006 4:27 PM

Also, Washington Cube, you might want to double-check that URL. It goes to a pretty crazy site.

Posted by Doug Nelson on August 23, 2006 4:29 PM

In this same vein, I stumbled aross this tax advice at the blog Consumerism Commentary:

Q. I am a street pharmacist and all my income is cash. Do I have to report this?

A. Yes.

Illegal income, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.

And:

Q. I found a bunch of LCD and plasma HDTVs which must have fallen off a truck. I sold a few out of the back of my own truck. Do I have to report this?

A. Yes.

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.

(Consumerism Commentary: “Do I Need to Report This Income? Part 2” - 01/05/07)

Posted by alykat on January 9, 2007 12:54 AM

Post a comment

As a spam-control measure, your comment may require my approval before it will appear on the entry. Thanks for waiting. To avoid the moderation delay, consider filling in your e-mail address. It won't appear on the site, but I use it to whitelist frequent commenters so their comments appear automatically.


The following HTML tags are permitted (if you want to use them):
p, br, a href, b, strong, u, i, em, ol, ul, li, cite, blockquote

TrackBack

TrackBack URL for this entry: http://www.morethanthis.net/mtadmin/mt-tb.cgi/1518