If I borrow money to give to a seller, then that money isn't mine anymore. Seller has it. And had to pay taxes on the increase over the price he paid. In theory I now have a farm, but if it's value is now gone? And I'm laid off? So they take the land away, and I'm responsible for the loss? Bank still has the land, and in most states that is what they get to take back.
What the IRS doesn't have to understand is a change in value. Just because someone lost value doesn't automatically mean someone else gained anything.
Taxes are a way for govt people to have a paycheck. Hey, heard ya had some money come in. Let me have a piece and maybe we will build a road for you or something, just to make it seem okay.
And it is called a 1099-C. Expires Jan 1, 2011. Signed into law by George W Bush.
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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