Attorney Acquitted On Federal Income Tax Charges
While this is not something I recommend you try out at home, its definitely interesting.
A Shreveport attorney who has challenged the government for years on the legality of filing federal income taxes has been acquitted on charges he failed to file returns.
A federal jury unanimously found Tommy Cryer not guilty this week on two misdemeanor counts of failure to file.
And according to Cryer, the prosecution dismissed two felony charges of tax evasion prior to trial.
“The court could not find a law that makes me liable or makes my revenues taxable,” Cryer said. “The Supreme Court has ruled that the government cannot impose an income tax on anything but the profits and gains. When you work for someone you give your service and labor in exchange for money, so everything you make is not profit or gain. You put something into it.”
You can read the whole story here.
I had read a book about this and also saw a website where some attorneys would set you up with a “pure virtual trust” so that you can somehow avoid paying taxes. I really didn’t understand how it worked, my wife said it was a fraud and my tax bracket is incredibly low anyway so I didn’t pursue it.
And we end with a riddle:
Whats the difference between tax evasion and tax avoidance?
About 5-7 years!
![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
- Pitfalls of Private Annuity Trusts The WSJ has an excellent article on PATs or Private Annuity Trusts. Yet another reason to subscribe to it.Critics -- and even some promoters -- say that the private annuity trust strategy has downsides and isn't for everyone. "Contrary to the claims of promoters, it is a very risky transaction......
- So Who's Really Bailing Out The Financial Industry? I started writing this post on Sunday but never got a chance to finish it. (On the other hand my first 3 days of the UCLA MBA program have been AWESOME!) IÂ know there's been a lot of commotion in the stock market over the past few days and the......
- January's Dividend Income & How The Subprime Mess Has Affected Me. I've been traveling for the past month so this post is a little late. I had already posted my online income which was $778. I finally got a chance to add up my monthly dividend income from my stocks, Canroys, CDs and savings accounts. The grand total for January was......
Related Websites
- Setting Up a Frugal Home Office My family recently moved and we have settled into our new home. While we love our new house, it did have one glaring problem for a wanna be writer - no home office space for Frugal Dad. Not to worry, as you may remember I've had experience setting up a......
- Details About Tax Changes in 2011 That Can Help You Plan Accordingly This guest post is provided by TaxDebtHelp.com, a website that provides tax debt relief guidance and services for taxpayers facing major IRS tax problems. Visit their site to learn more.With the economy still in its lackluster mode, many believe the worst is still in front of us. Unfortunately, as we......
- Is 2X Your Salary a Good Retirement Goal? Boston Gal's Open Wallet asks do you have two times your income saved for retirement? The most interesting part of the article was concept of a crossover point your retirement savings. The crossover point is when you make more from compounding interest than you do from new contributions. This happens......
[All content is copyright of Living Off Dividends & Passive Income]
July 25th, 2007 at 3:15 am
The question is did he end up having to pay the taxes? I am assuming yes, but they let him off on not filing. The article also mentioned a trust with dividends and interest which would be profits. You could make the same case for a reasonable return on capital not being “profit”.