IRS: Golden double-standard
Coeur d'Alene Press | UPDATED 6 years, 3 months AGO
It has been reported that Representative Green has been found guilty in his federal court (Northern District of Texas) tax case with the IRS. Mr. Green’s tax case can be reduced to this question: If the U.S. Mint produces a $50 coin that is legal tender and contains 1 Troy Ounce of pure gold, what is that coin worth?
If you deposit that coin in your bank account, your account will be credited with $50. If you give the coin to the IRS they will credit $50 toward your taxes. If you buy a car and pay for it with 10 $50 gold coins, what do you put on the sales receipt? $500 or $15,000 where $500 is the legal tender value and $15,000 is the numismatic value.
The IRS, it seems, wants it both ways. They will credit you the face value if you give them the coins but want to tax you for the numismatic value if you use the coins as legal tender with someone else.
It seems John Green is guilty of believing that if the government issues a coin with a face value of 50 DOLLARS then to the government it is worth $50. Apparently believing what the government tells you can now be a felony.
BRENT REGAN
Coeur d’Alene