Is anyone familiar here with 1099OID forms and issuing their own notes?
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Is anyone familiar here with 1099OID forms and issuing their own notes?
Gav, I see you posting on Boris' "Underground Cantina".
Is your query an offshoot of this thread over there?
http://iamsomedude.com/core.html#nabble-td169
Quote:
Originally Posted by Gavilan
Yes. That is a tricky area. Lots of prison time issued for a lot of good people.
I always emphasized the USE of the OID:
Attachment 4280
Quote:
Specific Instructions for Form 1099-OID
* File Form 1099-OID, Original Issue Discount, if the original issue discount (OID) includible in gross income is at least $10 and you are any of the following:
* An issuer with any bond outstanding or other evidence of indebtedness in registered or bearer form issued with OID;
* An issuer of a certificate of deposit (CD) made, purchased, or renewed after 1970 if the CD has OID and a term of more than 1 year (see Caution on page 4);
* A financial institution having other deposit arrangements, such as time deposits or bonus-savings plans, if the arrangements have OID and a term of more than 1 year;
* A broker or other middleman holding an OID obligation, including CDs, as nominee for the actual owner;
* A trustee or middleman of a WHFIT or widely held mortgage trust (WHMT); or,
* A real estate mortgage investment conduit (REMIC), a holder of an ownership interest in a financial asset securitization investment trust (FASIT), or an issuer of a collateralized debt obligation (CDO).
Also, file Form 1099-OID for any person for whom you withheld and paid any foreign tax on OID or from whom you withheld (and did not refund) any federal income tax under the backup withholding rules even if the amount of the OID is less than $10.
Since I watched people get checks and in large amounts, but others go to prison, this is confusing. I don't like confusion. So I will not go into defending my research indicating that the 1040 OID approach is bad news. I do have an example of a proper use OID Refund/Return but it was so misused I hesitate to show it. This example was an exemption allowed under the Instructions. I will assure you of that.
P.P.S. That last item in the Instruction:
Quote:
A real estate mortgage investment conduit (REMIC), a holder of an ownership interest in a financial asset securitization investment trust (FASIT), or an issuer of a collateralized debt obligation (CDO).
I think in red there, the STRAWMAN REDEMPTION is based on the same birth certificate presumption. However you cannot prove out the paper trail, that the berth certificate is any kind of a financial instrument.
Attachment 4281
Greetings, ag maniac!Quote:
Originally Posted by ag maniac
Yes, I came across a file there. Some of the stuff makes perfect sense, other it does not.
For example, it states that there is a Treasury account and that everything is prepaid, this does not make sense to me.
For example, yes, the Govt. monetizes the people's credit with the aid of the Federal Reserve Bank. The banks monetize people's private debt. So, no there is no Treasury Account for everything to be paid off and you don't have to work.
Let me explain, I can give you a promissory note with its terms, you agree to accept it, now I have to abide by the terms to you or the holder, else I am in default.
So, I give you a note for $1,000.00 principal, and 10% interest payable at the maturity of the note for a car I got from you. I better have $1,100 in cash to pay you in cash or coin when you come calling.
So in turn, I get a car to use until you come calling. In the mean time, I can use my labor to earn cash, or sell the car to raise the cash, whatever, but I better have the cash when it's due to you.
Now, if the local banker knows me well and thinks high enough of my character, I can give him a similar note and he can give me Federal Reserve Bank notes to pay the note I owe to you.
My issue is, when you come to collect the cash due for the note and you give me back the note, would I also give you a 1099OID telling the IRS I paid you $1,100?
Thanks, David. Give me a minute to digest your post. Greetings!
Attachment 4283Quote:
Originally Posted by Gavilan
Probably more to do with 1099-A than 1099-OID. However, under certain views of the law associated with bills of exchange and promissory notes every endorsement is a new issue. It may very well be that most people outside of the brokerage industry have no idea how to use a 1099-OID properly.
It may in fact be a treasury or exchequer-related document. However, monetary value requires fixed value. Unlimited or unknown values are not 'monetary' values.Quote:
Originally Posted by David Merrill
Quote:
Originally Posted by allodial
That would explain why this is such a slippery slope. The POMC's of the '90's functioned quite effectively on the presumption there was no definition for money. Hard to see it but that is exactly the same thing.
IMLEHO (LE= learned and experienced), the problem many have seemed to have is with failing to comprehend non-coin money like promissory notes in the right sense: as in the same way you might view what triggers an insurance policy or the like (it is triggered when only when liability is incurred). In other words, it seems that many have preferred to listen to sensationalist paytriot talk shows rather actually spend the time to read a treatise on promissory notes and bills of exchange. The exposure to liability is easy to figure out.Quote:
Originally Posted by David Merrill
AFAIK, likely, within the FRB/money/SSN/tax/revenue districts: money == credit. Money can be credit or "accounting units" or it can be lawful money. But either way, there is likely some means of converting one thousand dollars in lawful money (1,0000) into to one thousand dollars worth of credit ($1,000.00) and vice-versa.
I am thinking to get this printed out, double-sided and bound. That way I will sit down and read it through.
Otherwise I only set a few sessions and get distracted...
Constitution of Jubilee.