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To: catbertz

The IRS requires banks and other businesses to report cash transactions of $10,000 and up. One way for drug dealers and other criminals to get around this was to break up their cash deposits to different banks, for example, $5,000 to Bank A, $5,000 to Bank B. Dividing up criminal proceeds in this manner is called “structuring”. To deal with this practice, banks are required to report multiple transactions to the IRS. I don’t know all the particulars of what they have to report.

Now, even assuming my rich uncle gave me $10,000 in cash for my birthday, and I took it down to the bank to deposit, they’d still have to report it to the IRS. Doesn’t mean I did anything wrong, just means the IRS wants to know about it, and may or may not keep an eye on me.


72 posted on 03/11/2008 1:06:35 PM PDT by popdonnelly (Get Reid. Salazar, and Harkin out of the Senate.)
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To: popdonnelly

“Now, even assuming my rich uncle gave me $10,000 in cash for my birthday, and I took it down to the bank to deposit, they’d still have to report it to the IRS. Doesn’t mean I did anything wrong, just means the IRS wants to know about it, and may or may not keep an eye on me.”

I think the problem there is that amount might be in the gift tax range. Just the IRS making sure it gets its fair share. I have heard of some grandparents who would disperse their money before they died, and the IRS didn’t like them doing that, of course. Not allowed to escape that death tax.


80 posted on 03/11/2008 1:12:19 PM PDT by TruthConquers (Delendae sunt publici scholae)
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To: popdonnelly
A billionaire told CNBC that Spitzer was spotted in line at the post office getting 2800$ worth of mail orders....

See this:

Ex-NYSE Director Langone on Spitzer:

*********************embedded in the thread*****************

The revelations about Eliot Spitzer's illegal dalliances with a high-priced prostitute have got plenty of his former targets coming out of the woodwork to wish him, er, not well. Last night CNBC found ex-NYSE director Ken Langone — a former Spitz target in the matter of Dick Grasso's giant pay package, for which Spitzer blamed Langone for greasing it through and Langone vowed eternal enmity on Spitzer — and got a few of his thoughts on the matter. The interview aired this morning on Squawk Box, and it's a doozy — not only does Langone call Spitzer a "hypocrite" who "destroyed reputations" and should resign,.....

90 posted on 03/11/2008 1:22:30 PM PDT by Ernest_at_the_Beach (No Burkas for my Grandaughters!)
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To: popdonnelly; GovernmentShrinker
thank you both for your comments. I'm not comfortable with so much oversight.

I pray we don't slide further into the big brother realm..especially under a democratic administration wielding the Patriot act.

96 posted on 03/11/2008 1:32:06 PM PDT by catbertz
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