14635Re: [tips_and_tricks] Gold and Silver Coins form of funds irs accepts
- Jun 3, 2007Yes the irs TAKES gold and silver coins and never gives them back or gives you credit for them off your tax bill.I know personally people that use a bonded promisory note to discharge taxes for the year in question. they have been successful doing this for years as it is in title 31USC3526,31USC3716, 31USC5133 this is how you do a setoffas for repayment of debt look at this excerpt from a federal court ruling
31 U. S. C. sec. 5118 (d) (2) provided for many years that a requirement of
repayment of debt in a particular kind coin or currency could be made by
legal tender. As of October 21, 1977 Legal tender for discharge of debt is
no longer required. That is because legal tender is not in circulation at par
with the promises to pay credit. Negotiable instruments Guaranty Trust Co.
of New York vs. Henwood, 307, U.S. 847 (1939) holds that 31 U.S.C. 5118
was enacted to remedy the specific evil of tying debt to any particular
currency or requiring payment in a greater number of dollars than promised.
Since October 27, 1977, there can be no requirement of repayment in legal
tender either, since legal tender was not loaned and repayment need only be
made in equivalent kind: A negotiable instrument representing credit.
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