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You must pay tax on what you have stolen

Tags Taxes and Spending

Well, this is interesting. The IRS here says that: "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." (See page 90 under ""Stolen Property."

I wonder what implications this has for the tax returns of, for example, Members of Congress.

(Thanks Digg)

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Contact Jeffrey A. Tucker

Jeffrey A. Tucker is the founder of the Brownstone Institute and an independent editorial consultant.

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