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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: i-node who wrote (491440)	6/29/2009 9:48:29 PM
From: J_F_Shepard	Read Replies (1) \| Respond to of 1574296

"A bank account on which the earnings were "0.18 dollars" does not require a 1099. You may have gotten one but it wasn't required." The savings account neglectfully was in my name.....I got a letter from the IRS asking me to explain the absence of the 18 cents since they had a 1099 showing it. "You also make an error in assuming that options traders make billions. The money that is made on options is mostly made by professionals who are using options as hedges or other ordinary income vehicles. And generally within corporations, which eliminates any 1099 requirement at all." And I maintain that billions are involved...... "And generally within corporations, which eliminates any 1099 requirement at all." And why aren't 1099's required there..?? "And finally, there is the issue of what is more likely to be missed, an option transaction or interest income, and it far more likely interest on a bank account will be overlooked than it is an option transaction will, since options transactions involving gains are usually handled by professionals whereas many 1099s for interest/dividends are handled by inexperienced individuals just filing their own taxes. And that's the reason the profits will be "overlooked"..ie because they are handled by "professionals" How naive can you be, or how devious can you be.? Not 1 return in 100 will have any option transactions at all. It just isn't an area involving high abuse." You have to prove that it isn't an area of high abuse....big money invites big cheating.....as a conservative you know that it's your god given right not to pay taxes... Remember this, "only the little people pay taxes..."