$14 trillion dollar IRS tax lien on Federal land

F

FireWalker

Apparently the IRS filed a tax lien against the Federal Reserve and the US Treasury. Filed in Maryland, but perhaps other jurisdictions as well. $14 trillion.

http://hypertiger.blogspot.com/2011/09/why-does-irs-have-14-trillion-dollar.html

For the Federal Reserve, I guess it's back taxes owed on the bond principal. Zero cost-basis/consideration so the IRS would consider a $100k T-Bond as $100k in income.

For the US Treasury, non-filing of corporate income tax returns.

I wonder what Bernanke and Secretary of the Treasury will do. One wrong move could null and void all government bonds (lack of consideration is a legal principle that voids a contract).

China and various central banks might take all Federal property.
 
fyi: it didn't make the news, but Secretary of State Hillary Clinton eliminated the nuclear threat about two years ago. She tore down the Cold War apparatus at that level.
 
The Fed doesn't pay income tax, it turns all of its income over to the US Treasury already. As Ricky Gervais would say, "quit talking s***!"

5yr
 
Quote from FireWalker:

Apparently the IRS filed a tax lien against the Federal Reserve and the US Treasury. Filed in Maryland, but perhaps other jurisdictions as well. $14 trillion.

http://hypertiger.blogspot.com/2011/09/why-does-irs-have-14-trillion-dollar.html

For the Federal Reserve, I guess it's back taxes owed on the bond principal. Zero cost-basis/consideration so the IRS would consider a $100k T-Bond as $100k in income.

For the US Treasury, non-filing of corporate income tax returns.

I wonder what Bernanke and Secretary of the Treasury will do. One wrong move could null and void all government bonds (lack of consideration is a legal principle that voids a contract).

China and various central banks might take all Federal property.
More...


On a possibly related story

http://blogs.miaminewtimes.com/riptide/2009/06/feds_indict_miami_man_who_trie.php

Feds Indict Miami Man Who Tried To Steal $14 Trillion from the IRS

They don't call Marlon T. Moore "X-Large" for nothing.

Thumbnail image for Thumbnail image for thejudge.jpg
Back in December 2007, Moore, a 38-year-old Miami resident, walked out of the federal pen in Coleman, Florida after serving a six year sentence on felony money laundering charges as part of a cocaine smuggling ring.

Soon after his release, Moore embarked upon a truly brilliant criminal enterprise: He did his taxes. It may not sound like much of a crime. But "X-Large" Moore -- one of several aliases he used, including Dammon Green and Tyrone Moore -- wasn't exactly noting a few dependents and asking for a refund.

In separate filings, Moore asked for $5,959,000,000,000 and $2,975,000,000,000. A third form rounded up and asked for another $6,000,000,000,000. (That's $5 trillion, $2.97 trillion and $6 trillion, for the math averse). Just for good measure, Moore allegedly filled out a final U.S. Individual Income Tax Return Form 1040 asking for $10 million.

If the IRS had accepted Moore's claims, the payout would have exceeded the U.S. national debt.
 
I doubt this is true. The FED is exempt from paying Federal Taxes. It was written into law in 1913.

http://www.law.cornell.edu/uscode/12/531.html

Quote from FireWalker:

Apparently the IRS filed a tax lien against the Federal Reserve and the US Treasury. Filed in Maryland, but perhaps other jurisdictions as well. $14 trillion.

http://hypertiger.blogspot.com/2011/09/why-does-irs-have-14-trillion-dollar.html

For the Federal Reserve, I guess it's back taxes owed on the bond principal. Zero cost-basis/consideration so the IRS would consider a $100k T-Bond as $100k in income.

For the US Treasury, non-filing of corporate income tax returns.

I wonder what Bernanke and Secretary of the Treasury will do. One wrong move could null and void all government bonds (lack of consideration is a legal principle that voids a contract).

China and various central banks might take all Federal property.
More...
 
I just looked it up on the Maryland website myself. It's on there. This is very odd.

It's not actually federal land that has the 14.3 trillion lean but land owned by the State of Maryland.
 
Quote from the1:

I doubt this is true. The FED is exempt from paying Federal Taxes. It was written into law in 1913.

http://www.law.cornell.edu/uscode/12/531.html
More...

Interesting point. That law does say "Federal reserve banks", however it does not say the Federal Reserve corporation. It appears that law applies to its member banks, not the corporation known as the Federal Reserve.

I am speculating on some of this as I am not party to the internal IRS documents. Perhaps they are placing the lien on the US Treasury. In any case, I think they have a valid legal argument based on the above.
 
Quote from 5yrtrader:

The Fed doesn't pay income tax, it turns all of its income over to the US Treasury already. As Ricky Gervais would say, "quit talking s***!"

5yr
More...

You are referring to the interest income from bonds held, I think. That is true. However, I think the IRS may be going after the principal windfall from accepting T-bonds with $0 cost-basis.
 
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