Abstract

http://ssrn.com/abstract=1487530
 
 

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Other People's Money


Joel S. Newman


Wake 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.

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Date posted: October 15, 2009 ; Last revised: March 22, 2010

Suggested Citation

Newman, Joel S., Other People's Money (October 9, 2009). Tax Notes, Vol. 125, No. 1, p. 137, October 5, 2009; Wake Forest Univ. Legal Studies Paper No. 1487530. Available at SSRN: http://ssrn.com/abstract=1487530

Contact Information

Joel S. Newman (Contact Author)
Wake Forest University - School of Law ( email )
P.O. Box 7206
Winston-Salem, NC 27109
United States
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