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Other People's MoneyJoel S. NewmanWake Forest University - School of Law October 9, 2009 Tax Notes, Vol. 125, No. 1, p. 137, October 5, 2009 Wake Forest Univ. Legal Studies Paper No. 1487530 Abstract: In informal banking arrangements such as cundinas and tandas, the “banker” will have an unexplained fund of money, which the IRS will presume was acquired in a taxable way. Drug dealers and embezzlers often have the same problem. The informal bankers, with adequate records, can rebut the presumption. However, it is too bad that they have to be analogized to criminals in order to do so.
Number of Pages in PDF File: 6 Accepted Paper SeriesDate posted: October 15, 2009 ; Last revised: March 22, 2010Suggested CitationContact Information
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