a reply to:
Aristotelian1
You are correct except it is not money. This is all based upon what is lawful money of value and HJR-192
(House Joint Resolution-192, June 5, 1933) , that none is in circulation for private use by the public. There are no lawful dollars out there only
credits, units and debt ledger entrees, and no one gets paid for anything with anything of valuable substance. The IRS can’t tax credit, debt, or
barter. The Congress licensed the use of FRNs to be used as money, as a medium or exchange for discharge of public and private debt into the US
bankruptcy. At that point FRNs became contraband and that gives the BATF and the IRS jurisdiction over its use and transfer. Just like trafficking in
alcohol, guns,drugs, or tobacoo , or other substances subject to excise taxes.
TITLE 26 > Subtitle A > CHAPTER 1 > Subchapter B > PART VI > §
*§ 165. Losses*
Release date: 2003-05-15
(a) General rule
*There shall be allowed as a deduction any loss sustained during the
taxable year and not compensated for by insurance or otherwise. *
(b) Amount of deduction
For purposes of subsection (a), the basis for determining the amount
of the deduction for any loss shall be the adjusted basis provided
in section 1011 for determining the *loss* from the sale or other
disposition of *property (think: your labor).*
(c) Limitation on losses of individuals
In the case of an individual, the deduction under subsection (a)
shall be limited to------—
(1) losses incurred in a trade or business;
(2) losses incurred in any transaction entered into for profit,
though not connected with a trade or business; and
(3) except as provided in subsection (h), losses of property not
connected with a trade or business or a transaction entered into for
profit, if such losses arise from fire, storm, shipwreck, or other
casualty, or from theft.
(d) Wagering losses
Losses from wagering transactions shall be allowed only to the
extent of the gains from such transactions.
(e) Theft losses
For purposes of subsection (a), any loss arising from theft shall be
treated as sustained during the taxable year in which the taxpayer
discovers such loss.
(f) Capital losses
Losses from sales or exchanges of capital assets shall be allowed
only to the extent allowed in sections 1211 and 1212.
*(g) Worthless securities*
(1) General rule
*If any security which is a capital asset becomes worthless* during
the taxable year, the loss resulting therefrom shall, for purposes
of this subtitle, be treated as a loss from the sale or exchange, on
the last day of the taxable year, of a capital asset.
*(2) Security defined*
For purposes of this subsection, the term "security" means—
(A) a share of stock in a corporation;
(B) a right to subscribe for, or to receive, a share of stock in a
corporation; or
(C) a bond, debenture, *note*, or certificate, or other evidence of
indebtedness, *issued by a corporation or by a government or
political subdivision thereof,* with interest coupons or in
registered form.
/Ok so now you have been given "evidences of debt" for your work.
You have never made "income" but received evidences of debt. The US
Treasury admits to (g) above in its website /*(and you really must
visit this website!)*/:/
www.ustreas.gov...
/wherein the website states: /
“Federal Reserve notes are legal tender currency notes. The
twelve Federal Reserve Banks issue them into circulation
pursuant to the Federal Reserve Act of 1913. A commercial bank
belonging to the Federal Reserve System can obtain Federal
Reserve notes from the Federal Reserve Bank in its district
whenever it wishes. It must pay for them in full, dollar for
dollar, by drawing down its account with its district Federal
Reserve Bank.
Federal Reserve Banks obtain the notes from our Bureau of
Engraving and Printing (BEP). It pays the BEP for the cost of
producing the notes, which then become liabilities of the
Federal Reserve Banks, and obligations of the United States
Government.
Congress has specified that a Federal Reserve Bank must hold
collateral equal in value to the Federal Reserve notes that the
Bank receives. This collateral is chiefly gold certificates and
United States securities. This provides backing for the note
issue. The idea was that if the Congress dissolved the Federal
Reserve System, the United States would take over the notes
(liabilities). This would meet the requirements of Section 411,
but the government would also take over the assets, which would
be of equal value. Federal Reserve notes represent a first lien
on all the assets of the Federal Reserve Banks, and on the
collateral specifically held against them.
Federal Reserve notes are not redeemable in gold, silver or any
other commodity, and receive no backing by anything. This has
been the case since 1933. *_The notes have no value for
themselves,_* but for what they will buy. In another sense,
because they are legal tender, Federal Reserve notes are
"backed" by all the goods and services in the economy.”
/Now they, not you, have established that their confidence game,
what you received in exchange for the company draft (check) was
absolutely nothing. They are valueless so you exchanged your labor
for valueless paper that has a lien on it already. They are
identified in two statutes (Code) and they are Title 18 Section 8
wherein it states:
Gold coinage discontinued, see section 5112 of Title 31, Money and
Finance.
Since there is no more real "money" to be redeemed then, as the
Treasury Web Site stated, they are worthless in conformity with 26
USC 165 (g). Ergo: you cannot go into a bank and demand gold or
silver coin for a federal reserve note.
So the question is, Have I received any income that is reportable
for filing a tax form? Have I objected openly that I do not accept
federal reserve notes as "payment" for my labor? See the Padleford
case 14 Ga. 438 wherein they stated: /
"Supposing this not to be taxed for inspection purposes, has
Congress consented to it being laid? It is certain that Congress has
not expressly consented. But is express consent necessary? There is
nothing in the Constitution which says so. There is nothing in the
practice of men, or in the Municipal Law of men, or in the practice
of nations, or the Law of nations that says so. Silence gives
consent, is the rule of business life_. _A tender of bills is as
good as one of coin, unless the bills are objected to_. To stand by,
in silence, and see another sell your property, binds you. *[Ok
people how many times has your property (labor included) been stolen
and turned over to the tax man in your silence? Did you file a
refusal for good cause shown?]* These are mere instances of the use
of the maxim in the Municipal Law. In the Law of nations, it is
equally potent. Silent acquiescence in the breach of a treaty binds
a nation.(Vattel, ch. 16, sec.199, book 1