From: Duncan Frissell <frissell@panix.com>
Date: Tue, 22 Mar 94 13:08:17 PST
To: Peter Hendrickson <ph@netcom.com>
Subject: Re: Promise her anything...
In-Reply-To: <199403222018.MAA23555@mail.netcom.com>
Message-ID: <Pine.3.05.9403221503.A28864-b100000@panix.com>
MIME-Version: 1.0
Content-Type: text/plain




On Tue, 22 Mar 1994, Peter Hendrickson wrote:

> The IRS made bearer bonds illegal about ten years ago.  It seems
> people were using them to evade income tax.  I believe they are
> forbidden within the United States and U.S. citizens are forbidden to
> own them at all anywhere.

Bearer bonds are not illegal in the US.  The interest paid on bearer bonds
issued after a certain date is not deductible from taxes but the bonds are
legal.  Additionally, depending on specifics, financial institutions may
have to report sales and purchases including tax ID # on some transactions
involving bonds.

A bond is just a debt obligation.  If you want proof that bearer
instruments are legal, endorse a check made payable to you - you have just
converted it into a bearer instrument (as long as you add no restrictions
to your endorsment).  You will not be busted if the government finds out
you signed the back of a check.

DCF

"She sleeps with the boss."  Roz Russell on how Norma Shearer (wife of
Irving Thalberg) got all the juicy movie roles.  -- Not Rush discussing 
how HRC got WJBC to appoint her Health Care Czar.