-to reply, it's hot not warm
\ Rich Hammett http://home.hiwaay.net/~rhammett
/ "Better the pride that resides in a citizen of the world;
\ than the pride that divides
/ when a colorful rag is unfurled."
:> ...it's income and Uncle Sam wants his taxes.
:No it isn't.
Yes, it is.
Bryan S. Slick, usenet at slick-family dot net
"To those who serve America, in any fashion,
freedom has a flavor those who just sit by will never know."
> >>>> ...it's income and Uncle Sam wants his taxes.
> >>> No it isn't.
> >> Yes, it is.
> > Not for me.
> Are you saying you think Orpah is hawt???
Jefferson N. Glapski
> > ...it's income and Uncle Sam wants his taxes.
> Yup. My sister won two cars and some other ***on Price is Right.
> She sold one car back to the dealer and used the cash to play tax on
> the cash and on the other car.
>How come it isn't a gift, and GM owes a gift tax instead?
"education is the progressive discovery of our own ignorance" --Will Durant
"people who read the tabloids deserve to be lied to " Jerry Seinfeld
"If we don't have a sense of humor, we can't have a sense of perspective --Wayne Thiboux
"the glass is not only half full the first half was delicious" -- Me
To Reply: Scrape off the end bits...
According to TITLE 26 US Code, Subtitle B Chapter 12 Subchapter A Sec. 2502 (c),
"The tax imposed by section 2501 shall be paid by the donor."
But still, the main question is, why is this income, and not a gift?