Friday, January 5, 2007

The IRS requires you pay taxes on stolen goods

Taken from page 90 of publication 17 of the IRS tax filing guidelines, it states:

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.

View the PDF by clicking here. Warning: it is 295 pages and quite a large file.

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