Exactly what does the IRS agent think?

[froze25]

What's in your wallet? Indeed... But, once lawful demand is made, the FRNs become USNs.... dual purpose Notes as the Treasury FAQ says...

could you provide a link to the page that says that FRNs are dual purpose and serve as USN's? I can only find that FRN's serve the same function as USN's but not that they are dual purpose or that they may act as USN's. On there website. http://www.treasury.gov/resource-cen...al-tender.aspx

[Brian]

could you provide a link to the page that says that FRNs are dual purpose and serve as USN's? I can only find that FRN's serve the same function as USN's but not that they are dual purpose or that they may act as USN's. On there website. http://www.treasury.gov/resource-cen...al-tender.aspx

Froze...I don't think there is a statute or reg or decision that specifically call this out. I think this is where metaphysics comes into play. If the FRN's are discharged by notice & demand then they would essentially be treated as USN's.

The questions I would ask then is: can my demand be considered inherent and my notice is this conversation.

[Keith Alan]

Froze...I don't think there is a statute or reg or decision that specifically call this out. I think this is where metaphysics comes into play. If the FRN's are discharged by notice & demand then they would essentially be treated as USN's.

The questions I would ask then is: can my demand be considered inherent and my notice is this conversation.

I wonder why - since when one makes his demand, the US always subsequently defaults - the US would ever challenge your considering of FRN as USN.

[doug555]

could you provide a link to the page that says that FRNs are dual purpose and serve as USN's? I can only find that FRN's serve the same function as USN's but not that they are dual purpose or that they may act as USN's. On there website. http://www.treasury.gov/resource-cen...al-tender.aspx

http://www.treasury.gov/resource-cen...al-tender.aspx

What are United States Notes and how are they different from Federal Reserve notes?
United States Notes (characterized by a red seal and serial number) were the first national currency, authorized by the Legal Tender Act of 1862 and began circulating during the Civil War. The Treasury Department issued these notes directly into circulation, and they are obligations of the United States Government. The issuance of United States Notes is subject to limitations established by Congress. It established a statutory limitation of $300 million on the amount of United States Notes authorized to be outstanding and in circulation. While this was a significant figure in Civil War days, it is now a very small fraction of the total currency in circulation in the United States.

Both United States Notes and Federal Reserve Notes are parts of our national currency and both are legal tender. They circulate as money in the same way. However, the issuing authority for them comes from different statutes. United States Notes were redeemable in gold until 1933, when the United States abandoned the gold standard. Since then, both currencies have served essentially the same purpose, and have had the same value. Because United States Notes serve no function that is not already adequately served by Federal Reserve Notes, their issuance was discontinued, and none have been placed in to circulation since January 21, 1971.

The Federal Reserve Act of 1913 authorized the production and circulation of Federal Reserve notes. Although the Bureau of Engraving and Printing (BEP) prints these notes, they move into circulation through the Federal Reserve System. They are obligations of both the Federal Reserve System and the United States Government. On Federal Reserve notes, the seals and serial numbers appear in green.

United States notes serve no function that is not already adequately served by Federal Reserve notes. As a result, the Treasury Department stopped issuing United States notes, and none have been placed into circulation since January 21, 1971.

I am basing my comment on above highlighted statement on the FAQ...