Matt Elliott wrote:
> Next it will be those "Garage Sales" where goods are exchanged for well
> below their retail value and no taxes are collected. FinCEN needs to be
> put out of its misery. How in the world can structuring your life to
> minimize taxes owed be wrong? It seems like the only reasonable thing to
> do. Pay as little taxes as you can legally pay. Any more is some strange
> altruistic waste of money.
Bartering property of equal value is one thing. The problem occurs when
personal services are also exchanged, which looks a lot like working and
not paying taxes on your income.
If you work for someone, you have to pay taxes on your wages, regardless
of whether you are paid in dollars, sheep, gold coins, TV dinners, or
other things of value, and you have to report the fair market value of
such things as income.
I suspect this is where the Web bartering scheme ran afoul of the law.
That's not to say the current system of taxation is a good thing, but
there is likely no debate over whether at least some of the transactions
here were problematical.
--
Eric Michael Cordian 0+
O:.T:.O:. Mathematical Munitions Division
"Do What Thou Wilt Shall Be The Whole Of The Law"
