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Title: $600 Coin Sale? Get Ready for IRS 1099
Source:
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URL Source: http://www.numismaster.com/ta/numis ... jsp?ad=article&ArticleId=11843
Published: Jun 29, 2010
Author: By David L. Ganz
Post Date: 2010-07-01 23:02:51 by DeaconBenjamin
Keywords: None
Views: 255
Comments: 14
A blizzard of paperwork could be about to hit numismatics. Passage by Congress of the national health care legislation has had an unintended consequence to the nation’s coin collectors, vest-pocket dealers who buy and sell coins, and larger dealers who are frequent buyers of coins that collectors periodically liquidate as they trade up their collections for better coins, or simply sell to take a small profit or loss. What has happened is that effective Jan. 1, 2012, the whole system of giving and receiving Internal Revenue Service 1099 forms will be turned on its head and all persons (including corporations) who are in business will now have to give 1099 tax reporting forms for coins and other goods that they sell as well as buy. The responsibility for issuing forms kicks in at $600 for coins or bullion – not a very high level and one that has already started sounding alarm bells. It doesn’t matter in what form payment is made, whether cash, check, credit card, or Yap stone money, the $600 threshold applies. There’s a bill introduced by Rep. Dan Lungren (H.R. 5141), which has gathered over 80 members of Congress as co-sponsors to repeal this section. Evidently, however, the drafters of the provision think there is a $17 billion loophole that this plugs. The Industry Council for Tangible Assets is alerting member dealers and the public at large in the hope that some sense of outrage will lead to a ready modification before the law becomes operational in 2012. Form 1099 is used to report independent contractor income, income from dividends, income from other things – and is one of the reasons why children receive tax bills for work or labor or services performed. Section 9006 of the Patient Protection and Affordable Care Act (Public Law 111-148, signed into law by President Obama this spring) turns 1099 forms into reporting forms not only for independent contractor’s income – what they have long been used for – but also to show sales, gains and losses on purchases and sales of goods as part of a trade or business. The section reads (in relevant part) “SEC. 9006. EXPANSION OF INFORMATION REPORTING REQUIREMENTS. (a) IN GENERAL. – Section 6041 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsections: ‘‘(h) APPLICATION TO CORPORATIONS. – Notwithstanding any regulation prescribed by the secretary before the date of the enactment of this subsection, for purposes of this section the term ‘person’ includes any corporation that is not an organization exempt from tax under section 501(a). ‘‘(i) REGULATIONS. – The secretary may prescribe such regulations and other guidance as may be appropriate or necessary to carry out the purposes of this section, including rules to prevent duplicative reporting of transactions.’’ (b) PAYMENTS FOR PROPERTY AND OTHER GROSS PROCEEDS. – Subsection (a) of section 6041 of the Internal Revenue Code of 1986 is amended – (1) by inserting ‘‘amounts in consideration for property,’’ after ‘‘wages,’’ The property section means that if B. Max Mehl was selling coins to another major dealer of that era, a 1099 would have to be issued. When he bought from the public, the same thing is also required. The “report” does not necessarily measure profit or loss, but it does show activity. The old exemption against corporations is also gone. If you buy or sell more than $600 of coins, or whatever, from, to or with a bullion dealer, for example, you have an obligation under the new law to issue 1099s.
(2) by inserting ‘‘gross proceeds,’’ after ‘‘emoluments, or other’’, and
(3) by inserting ‘‘gross proceeds,’’ after ‘‘setting forth the amount of such.’’
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#1. To: DeaconBenjamin (#0)
And for Obummer's next act: 1099's must accompany ALL Christmas/Hannukah/birthday/etc. gifts. Hey, it's *unearned* income....
__________________________________________________________ this is the beginning of the confiscation.
Another reason people and state government are fighting obamacare.
If this is enforced to the letter my reading is that anytime any business sells you something for $600 or more a 1099 must be issued e.g., a car, a major appliances, a new TV, or anything totalling $600 or more. Any time a store restocks is another 1099. This is nothing less than total tracking of every major expenditure. This is near total financial control.
"One of the least understood strategies of the world revolution now moving rapidly toward its goal is the use of mind control as a major means of obtaining the consent of the people who will be subjects of the New World Order." K.M. Heaton, The National Educator
yes, it is. it really is disturbing that it's coins which is real money.
This would have to means that YOU issue a store a 1099 when you by an $800 TV. I wonder if that means you'll have to disclose an SSN/TIN any time you buy something like that. And I wonder what that means for people without either. Yes, it's complete control, but this has got to be a big time paperwork load increase for the IRS.
It's another reason to buy small lots of junk US silver. :)
Obama is the miscegenated bastard of a white communist whore. True story.
-Schweizerische Schuetzenzeitung (Swiss Shooting Federation) April, 1941
#2. To: DeaconBenjamin (#0)
#3. To: DeaconBenjamin (#0)
#4. To: christine (#2)
#5. To: Original_Intent (#4)
This is near total financial control.
#6. To: Original_Intent (#4)
#7. To: christine (#2)
Waiting too late to oppose tyranny has always led to bloodshed.
Hair Extensions Five Towns Merrick Manhasset Roslyn Massapequa Amityville Wantagh Farmingdale East Meadow Long Island, NY
#8. To: christine, all (#2)
This should sound the alarm for those "collectors" that have thusfar been planning for a collapse of the currencies of the world including the dollar. I have mentioned "choice of law" here on 4UM in the past. Choice of Law is determined in commerce either by an arbitration clause in the contractual agreement or by default depending on the type of currency utilized to transact the business. This "choice of law" is something that people need to understand even though the PTB have been using it to collect taxes etc., for a long time without the public having any awareness. Keeping it simple, and attempting to show "patriots" why their friends have been thrown in jail despite the fact that there IS NO LAW MAKING ONE "LIABLE FOR" OR "SUBJECT TO" the thing called the income tax. Pay attention: ALL TRANSACTIONS are conducted through the use of some fiat currency OWNED BY A CENTRAL BANK and use of their commercial paper (funny money) makes "THE CHOICE OF LAW" whatever they have determined it should be. I think the globalist GANG-BANKERS and political whores worldwide have already determined AND SIGNED AGREEMENTS regarding what the new currency (global currency) will be and how the transformation will occur. Within the agreement CHOICE OF LAW" has been decided. That's how these asshats think they can come along and tell us to report on each other when we think we're conducting private business. Let me make this perfectly clear ... There hasn't been a private transaction conducted since 1964, and maybe even earlier. For those interested in reading the bullshit that lawyers guided by thieves write into law regarding this subject google U.C.C. 1-301 § 1-301. Territorial Applicability; Parties' Power to Choose Applicable Law. (a) In this section: (1) "Domestic transaction" means a transaction other than an international transaction. (2) "International transaction" means a transaction that bears a reasonable relation to a country other than the United States. (b) This section applies to a transaction to the extent that it is governed by another article of the [Uniform Commercial Code]. (c) Except as otherwise provided in this section: (1) an agreement by parties to a domestic transaction that any or all of their rights and obligations are to be determined by the law of this State or of another State is effective, whether or not the transaction bears a relation to the State designated; and (2) an agreement by parties to an international transaction that any or all of their rights and obligations are to be determined by the law of this State or of another State or country is effective, whether or not the transaction bears a relation to the State or country designated. (d) In the absence of an agreement effective under subsection (c), and except as provided in subsections (e) and (g), the rights and obligations of the parties are determined by the law that would be selected by application of this State's conflict of laws principles. [Side note: all of our criminal laws and many of the civil laws use the language "in this state" which includes D.C., Guam, Puerto Rico, the Marianna Islands etc., ] As is cutomary, you'll not be asked for your input because you are a fucking debtor, you waive your rights and subject yourself to the whims of paedophiles and baby killers WHEN YOU CHOOSE TO USE THEIR FUCKING MONEY. Then they drag you into their court where you haven't even got a clue how you're getting screwed or even what words mean, what contract you agreed to or even what fucking law is being used to railroad your ass into prison. Damn it, we have to grow up and stop sucking Uncle Sambo's dick ! We must stop lieing to ourselves, stop rationalizing our participation in their satanic system. We must stand up and say "fuck the NWO" and start up our own system that doesn't include the international cabal. It might even be hard to do, but do it we must ! To arms !!! Man or mouse, fellas ?????
this is the beginning of the confiscation.
YOU only count when it's census or TAX time" ... don't you find it ironic that the census bureau says they rely upon the Constitution for their authority and pays their help in UNCONSTITUTIONAL FRNs ... bend over and lick the hand that beats you !
#9. To: christine (#5)
Purchased with THEIR MONEY ! What they did in 1913 is being done right now in 2010 on a global basis.
yes, it is. it really is disturbing that it's coins which is real money.
YOU only count when it's census or TAX time" ... don't you find it ironic that the census bureau says they rely upon the Constitution for their authority and pays their help in UNCONSTITUTIONAL FRNs ... bend over and lick the hand that beats you !
#10. To: DeaconBenjamin (#0)
I'm not sure this current government will last that long.
effective Jan. 1, 2012
#11. To: DeaconBenjamin (#0)
A whole lot of 1oz and 1/2oz coins will be dumped before this would go into effect. The premiums on 10ths and 1/4oz coins will go up. Nobody will want to buy or sell the larger weights/quantities.
#12. To: christine (#2) (Edited)
This is the beginning of driving the entire economy underground. I'll bet some clever soul starts producing a lever or hydraulic press & dies to cut 1 oz gold coins into 10 pieces, like a pizza, to be produced in China, of course. Pick one up at your local Harbor Freight Tools store in late 2011. $49, $29 on sale. Voila! Your $5,000 gold coin is now 10 $500 wedges with the stroke of a lever. Reporting requirements bypassed! You could do the same thing with your $300 silver rounds. 10 $30 wedges. See the wiki page on pieces-of-eight. Coin cutting has been done before.
this is the beginning of the confiscation.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)
#13. To: DeaconBenjamin (#0)
The word "includes" when used as a legal term, means "confines within." This does not say "also includes" so it must just refer to corporations, not actual living, breathing people.
‘‘(h) APPLICATION TO CORPORATIONS. – Notwithstanding any regulation prescribed by the secretary before the date of the enactment of this subsection, for purposes of this section the term ‘person’ includes any corporation that is not an organization exempt from tax under section 501(a).
Liberty is not a means to a higher political end. It is itself the highest political end.
Lord Acton
He (Gordon Duff) also implies that forcibly removing Obama, a Constitution-hating, on-the-down-low, crackhead Communist, is an attack on America, Mom, and apple pie. I swear these military people are worse than useless. Just look around at the condition of the country and tell me if they have fulfilled their oaths to protect the nation from all enemies foreign and domestic.
OsamaBinGoldstein posted on 2010-05-25 9:39:59 ET (2 images) Reply Trace
#14. To: christine (#2)
So don't file any forms (as an individual). How would they know? These laws only work in their destructive capacity if you go along with them. Since we're lorded over by a band of lawless thugs who do as they wish without regard for the law *we* put in place for them (the Constitution), we are certainly under no obligation to follow their lawless diktats. Just common sense really.
this is the beginning of the confiscation.
"The more artificial taboos and restrictions there are in the world, the more the people are impoverished.... The more that laws and regulations are given prominence, the more thieves and robbers there will be." - Lao Tzu, 6th century BC
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