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Tuesday, April 1, 1986
Volume:
2
Issue:
4
Abstract:
On March 21, 1986, the Internal Revenue Service issued temporary regulations that persons caught in the possession of large amounts of "illegal activity cash" in excess of $10,000 will be slapped with "jeopardy or termination assessments. The cash and equivalents will automatically be considered gross income of an individual who does not claim the property or identify its property owner."