Someone please help me understand this one, which I picked up from Fail Blog and was SURE it must be a hoax of some kind, but a little scan of the IRS Web site confirms, at least, that these passages exist, even if they are the product of some kind of prank. From Publication 17, which provides guidance as to what must be declared on federal income tax:
Illegal activities. Income from illegal activities, 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
Stolen property. 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.
Interesting note: neither of these appear in the index on that page, lending credence to the notion that they might’ve been slipped in there as a joke of some sort. On the other hand, this made the rounds on Digg almsot two years ago, and hasn’t been removed, so maybe its legit. I suppose, in cases where the government can’t repossess money gained from illegal activity, they can at least tax it…
This is either awesome or ridiculous, I can’t tell which. Provisions like this also lend credence to the notion posited by Fortune magazine several months back, when it asked, “Is pot already legal?”
How in the holy fuck could this have happened?
Someone please help me understand this one, which I picked up from Fail Blog and was SURE it must be a hoax of some kind, but a little scan of the IRS Web site confirms, at least, that these passages exist, even if they are the product of some kind of prank. From Publication 17, which provides guidance as to what must be declared on federal income tax:
and
Interesting note: neither of these appear in the index on that page, lending credence to the notion that they might’ve been slipped in there as a joke of some sort. On the other hand, this made the rounds on Digg almsot two years ago, and hasn’t been removed, so maybe its legit. I suppose, in cases where the government can’t repossess money gained from illegal activity, they can at least tax it…
This is either awesome or ridiculous, I can’t tell which. Provisions like this also lend credence to the notion posited by Fortune magazine several months back, when it asked, “Is pot already legal?”