1954 Internal Revenue Code is the Foundation?
A suitor sent this linkto me yesterday and brought my attention to Page 24. I understand his perspective:
Quote:
Hey David,
So I have been looking for why W-2 receiving people can deduct lawful money from gross income. The following looks pretty convincing. I have been looking at it like this, if we redeem, they discharge. There is nothing else they can do. Can you take a look at it? it is located at
http://www.constitution.org/uslaw/sal/068A_itax.pdf page 24 this is the 1954 tax code. By the way it is the only one that is a statue at large also. everything else is just prima facia and can be rebutted if not found in here.
Let me know if you think I am on to something. I believe this is exactly why we can do what we do.
Searching "coin" though, I found my way to the same page!
My perspective is the fetching idea that lawful money is "living" while debt (death) is amortized. Look at my highlight in red:
Quote:
SEC. 108. INCOME FROM DISCHARGE OF INDEBTEDNESS.
(a) SPECIAL RULE OF EXCLUSION.—No amount shall be included in gross income by reason of the discharge, in whole or in part, within the taxable year, of any indebtedness for which the taxpayer is liable, or subject to which the taxpayer holds property, if—
(1) the indebtedness was incurred or assumed—
(A) by a corporation, or
(B) by an individual in connection with property used in his trade or business, and
(2) such taxpayer makes and files a consent to the regulations prescribed under section 1017 (relating to adjustment of basis) then in effect at such time and in such manner as the Secretary or his delegate by regulations prescribes.
In such case, the amount of any income of such taxpayer attributable to any unamortized premium (computed as of the first day of the taxable year in which such discharge occurred) with respect to such indebtedness shall not be included in gross income, and the amount of the deduction attributable to any unamortized discount (computed as of the first day of the taxable year in which such discharge occurred) with respect to such indebtedness shall not be allowed as a deduction.
Especially interesting though is that the 1954 Tax Code is the only such Code passed by Congress in the Statutes at Large? I wonder if that is true...
