[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

RE: Legality of requiring credit cards?




>
>	Not always true.
>
>	Go shopping with a wad of $100.00 bills.   Most stores don't
>	accept them, regardless of the amount of purchase, without
>	additional ID.   
>
>	Try buying a new car, paying for it with $100.00 bills.
>	You might enjoy filling out the paperwork that is required
>	to do so.  
>

It's not necessarily because you are paying with $100 bills.  The IRS
requires banks and other businesses to report all cash transactions
exceeding $10,000 by means of a Currency Transaction Report (CTR).  This
is a way for the IRS to track money laundering.  There happens to be two
lines on the form asking for the number of $50 and $100 bills, but those
lines are optional.

Mike
[email protected]

>