2 June 2005
Can schizophrenics claim two exemptions?
Back in the day, I did some spring moonlighting for the Block brothers mostly H., as no one could remember ever even seeing R. and I remembered that bribes were considered ordinary income, and that gambling losses were deductible only to the extent of the winnings you reported as income. But this provision is new to me:
Stolen property. If you steal property, you must report its fair market value in your income in the year you steal it unless in the same year, you return it to its rightful owner.
And is the owner allowed depreciation for the period in which he is deprived of its use? The mind boggles.
(Via Jacqueline Passey.)Posted at 6:26 AM to Common Cents