IRS Suffers Staggering Defeat (and subsequent media blackout)

[theseus51]

http://www.wethepeoplefoundation.org...2007-09-30.htm

Cliff's notes: People who were paid wages in gold coins were acquitted of tax evasion charges.

[Copernicus]

ROFL. The media isnt interested because it doesnt have a chance in hell of standing up, and even if it did, it has no value for future transactions.

While the central concept is that its the nominal value of a coin, not the market value, that determines taxability, that is not what the decision turned on. The critical point was that the payor was in doubt, in the absence of written IRS guidance, as to whether market value or nominal value was the basis for taxability.

Once that cat is out of the bag it cant be put back in again. No one in the future can claim that it is the nominal value, because the IRS is on record as saying its market value. Perhaps they were stupid for not publishing so freaking obvious, but thats certainly not fodder for media attention.

[PLOlover]

interestingly george gordon (georgegordon.org) has recommended this for years as a way to minimize taxes.

interesting to hear his take on this if he does a program on it. the fact that irs "published" a new guide may not matter but it may.

[PLOlover]

[ QUOTE ]
The critical point was that the payor was in doubt, in the absence of written IRS guidance, as to whether market value or nominal value was the basis for taxability.

[/ QUOTE ]

I don't think it is an IRS reg loophole as much as a purely legal loophole arising from the fact that since 1983 or 4 the US has had dual fiat and gold coin system.

I'm sure it will take more legal cases and/or congress to clarify the situation.

[Felix_Nietzsche]

This is hilarious! LOL! Good to see someone sticking it to the man.
I think I will ask for a pay cut and be paid in $1 dollar gold coins instead. [img]/images/graemlins/smile.gif[/img]