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To: ameribbean expat
IMO, if they sold the coins in order to get the intrinsic value, then they would owe taxes on that amount. However, if they simply banked the money and kept the face value then they only owe what the face value is, even if they put the coins in a safe deposit box. Until they sell them at a higher value, the face value is their worth.

I don't expect the government to actually be fair and use logic, but this is the way it should be argued and the way it really is.

IMO, the income tax should be done away with, there is a reason the founders made them unconstitutional. It was a sad day for this country when the citizens allowed the constitution be amended to allow an income tax.

11 posted on 05/29/2009 9:13:19 AM PDT by calex59
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To: calex59

It did not pass anyway. But, when was fraud an impediment to government power. The 17th did not pass either but who really cares anyway. The Judges don’t why should we.


46 posted on 05/30/2009 5:17:15 AM PDT by Goreknowshowtocheat
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