Tax Tip: IRS states that Bribes Must Be Counted as Income

IRS Publication 525 Contents Cat. No. 15047D ^ | 2009 | Internal Revenue Service

[bsf2009]

See page 31: "Bribes. If you receive a bribe, include it in your income."

How long has this been in the IRS code?

[StopObama2012]

I wonder if BART STUPAK will report the bribes he received.

[ErnstStavroBlofeld]

Foreign Corrupt Practices Act of 1977

[Persevero]

I guess if you are convicted of taking a bribe, you can be convicted of tax fraud, too, thereby increasing your sentence.

Unless of course you listed the bribe on your tax return.

[bsf2009]

The IRS doesn’t miss a beat.

[Sloth]

If you give someone else a bribe to allow you to carry out a criminal enterprise, can that be deducted as a business expense?

[ErnstStavroBlofeld]

This is only involving a foreign country.

[mlocher]

I guess if you are convicted of taking a bribe, you can be convicted of tax fraud, too, thereby increasing your sentence.

The only crime Al Capone was convicted of was tax evasion.

[Ronin]

I think Arizona or New Mexico actually printed tax stamps for marijuana many years ago. The idea being that marijuana sales were taxable even if illegal.

I don’t think they sold very many of the stamps.

[ErnstStavroBlofeld]

Leary v. United States

[aquila48]

Memo to Senators Ben Nelson and Mary Landrieu:

“Tax Tip: IRS states that Bribes Must Be Counted as Income”

[Lmo56]

You are supposed to report income from all illegal activities too ...

[libh8er]

For example, on your tax form list all income from all liquor stores you robbed in the past fiscal year..

[Repeat Offender]

Yup, and drug dealers can wirte-off baggies, scales and other expenses. Prostitutes can write off condoms etc.....

These topics come up in the press now and again. They usually make sure to tell you that if you claim these items you will probably be arrested for your illegal activities.

[Stepan12]

This is a naked violation of the fifth amendment (as is any forced returning of an income tax return).

Peter Schiff's father, Irwin Schiff,in discussing the IRS alleged requirment that one most report illegal income stated, "one must report or a crime or was is regarded as comitting another crime? This shows that America doesn't read "Alice in Wonderland," we're living it!"

[JaguarXKE]

Look a little further down on page 34:

Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21.

So remember all you dealers - be sure to keep good records from all your crack sales!

[NTHockey]

My favorite IRS insanity comes from line 39a of Form 1040:

Check if:
You were born before January 2, 1945........Blind
Spouse was born before January 2, 1945......Blind

[jocon307]

LOL, when I took the H & R Block class last fall I told hubby that was in there, he didn’t believe me until I showed it to him in the book.

[RFEngineer]

Yeah, but this is meaningless with the extortion loophole still in force. Ask your accountant how to convert bribe income into extortion revenue and you’ll never have to pay taxes on bribes again.

[Raycpa]

All income is taxable unless congress provides for an exception. Bribes are not excepted.