NODE 8362db2cRE: Legality of requiring credit cards?
Mike Topalovich <TOPALOVICH@terraglyph.com>Tue, 24 Dec 1996 07:55:36 -0800 (PST)
>
> 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
topalovich@terraglyph.com
>
NODE d071119aRE: Legality of requiring credit cards?
dlv@bwalk.dm.com (Dr.Dimitri Vulis KOTM)Tue, 24 Dec 1996 10:50:43 -0800 (PST)
Mike Topalovich <TOPALOVICH@terraglyph.com> writes:
> 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.
They're supposed to report "suspicious" cash transactions under 10K too.
---
Dr.Dimitri Vulis KOTM
Brighton Beach Boardwalk BBS, Forest Hills, N.Y.: +1-718-261-2013, 14.4Kbps