You can also take deductions for costs relating to criminal activity!
You can also take deductions for costs relating to criminal activity!
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It's cool if you return it at the end of the year that you don't have to pay taxes on it. You could steal something, use it to make more money, and then return it. This avoids paying any kinda sales taxes when you took it. And since inventory is taxed you wouldn't have to pay on that.
Someone could exploit this. Make a fake company that steals from the real company, returns the property at the end of the year.
My first job was at a place called Cybo Robots in Indianapolis. The R&D department there created something that iRobot turned into the Roomba, when they bought the company. The entire point of the company was to lose money as a tax write off. The owner owned several other profitable companies, and needed a money sink so that he could get out of paying taxes, so he created Cybo Robots.
My point here is that not only could someone exploit this, they already are in multiple ways.
Nice try, FBI!
Would have gotten away with it to if it hadn't been for you meddling kids
Technically, if you intend to return it eventually, it's not theft.
Theft, under the common law of England, as brought to the U.S., is the deprivation of personal property of another with the intention to permanently deprive them of it. If you don't have that intent, it's not theft. That's why we have "joyriding" and "grand theft auto" as separate things.
Is there anything about the exact definition of permanent? I mean, otherwise I could just include the items in my will and refer to that.
"All items that have been subject to lending with one sided consent shall be returned to its respective owners at the end of my life."
Sort of a Ponzi scheme before it comes crashing down.
I wonder if this would work lol