Large Donors: Donate Gold or Silver American Eagles to the campaign

[robert4rp08]

I thought in that tax case lawyers argued he didn't know the tax code required the worth of the coins to be reported, and assumed reporting the face value was legal. They asked some IRS experts on the stand, and they said they'd have to look it up. Thus, if the experts weren't even sure, how could he be sure? I think it's only illegal to falsely report taxes if you know they're false.

I highly doubt this is legal.

Completely legal. The coins are minted as legal tender. The coins have a face value. Thus the coins are intended to be used at face value. This is a trick by the government to discourage use of gold/silver by making the face value less than the intrinsic value of the precious metal. It backfired on them; that's why the news was buried. If everyone started doing this, the fed would be sunk. (that's why they went after Liberty Dollar whom has over $20 million in coins in circulation)

Think about it like this.... when you get paid with federal reserve notes (paper money) or coins (quarters, nickels, dime), do you report the face value or the intrinsic value?

 

[gerryb]

I thought in that tax case lawyers argued he didn't know the tax code required the worth of the coins to be reported, and assumed reporting the face value was legal. They asked some IRS experts on the stand, and they said they'd have to look it up. Thus, if the experts weren't even sure, how could he be sure? I think it's only illegal to falsely report taxes if you know they're false.

I highly doubt this is legal.

Their worth is the US Government Legal Tender value as set by the Mint.

 

[LeonardK]

Any gift must be valued at fair market value. The fair market value of a $1 FRN is $1. The fair market value of a Silver Eagle is $16, and this is what the campaign would have to report to the FEC.

 

[robert4rp08]

Any gift must be valued at fair market value. The fair market value of a $1 FRN is $1. The fair market value of a Silver Eagle is $16, and this is what the campaign would have to report to the FEC.

It's not a gift. It's a form of payment no different then sending FRN or a check.

 

[Fyretrohl]

I am not a lawyer, but, I would agree with the folks who state this is legal tender and has a value. Intrisic Value is typically the method used to calcuate things that don't have a stamped, legal value. Should not be applied in this case, as the face value is the legally definable value.

 

[gerryb]

Any gift must be valued at fair market value. The fair market value of a $1 FRN is $1. The fair market value of a Silver Eagle is $16, and this is what the campaign would have to report to the FEC.

The fair market value is $1, as stated by the U.S. Mint (link in original post)

See the "One Dollar" printed on it? That is the real legal tender value.

How is it any different than if I were to give this

which recently had an "intrinsic" value of 7.5 cents (it also recently became illegal to melt them, however). http://www.coinflation.com/coins/1946-2007-Jefferson-Nickel-Value.html

 

[LibertyDollarUSA-com]

This whole point rests on the assumption that you expect the government to be consistent and abide by its own rules.

It does not. And the courts won't hold them to them.

Thus they can count the SAE as being worth $1 when it suits them, and worth $20 when it suits them. T hey get to have it both ways, you don't.

BTW, I have always thought the Silver Eagle was pretty ugly. (The Platinum is nice, though)... but I think I was spoiled by the Liberty Dollar.

If you've never held a Liberty Dollar, please buy one while you still can-- I'm having an inventory Liquidation at my store (the only store still operating after the raid) at http://LibertyDollarUSA.com

It really is an amazing and lovely piece...

 

[Bradley in DC]

Excellent idea

I wish you had suggested it before I maxed out!

 

[Tn...Andy]

That's me handing Ron Paul a silver round we had made at www.Goldismoney.info about a week ago in Greenville, SC.