From: Billy Brown (bbrown@transcient.com)
Date: Fri Mar 03 2000 - 10:50:14 MST
Michael S. Lorrey wrote:
> Using barter is a great tax dodge, and so long as there is a
> commodities market,
> you will always have a good idea of what any item is worth
> relative to any other
> item. 10 widgets = 1.00 unit of currency = 5 wingnuts. Doing the
> extra step on
> your computer at little to no cost saves you 5-50% of the value in taxes.
Last I heard this is illegal in the U.S. - barter transactions are legally
equivalent to cash sales, and you're supposed to collect sales tax and
report them based on the 'market value' of the goods. I suppose avoiding
the use of money makes it easier to cover your tracks, but that's the only
difference it makes.
Billy Brown
bbrown@transcient.com
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