Time: Wed Jun 18 08:13:09 1997
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	Wed, 18 Jun 1997 06:45:01 -0700 (MST)
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Date: Wed, 18 Jun 1997 06:43:28 -0700
To: (Recipient list suppressed)
From: Paul Andrew Mitchell [address in tool bar]
Subject: SLS: ITHACA HOURS (fwd)
References: <3.0.2.16.19970617145705.319ff068@pop.primenet.com>

Yes, I caught this anomaly too.

You are a hawk eye, for sure.

I disagree that their HOURS are
"taxable income when traded for
professional goods or services."

They obviously failed to understand
the true definition of "income"
(i.e. a profit or gain).  See,
in particular, Eisner v. Macomber,
252 U.S. 189.

/s/ Paul Mitchell
http://www.supremelaw.com



At 05:29 PM 6/17/97 -0700, you wrote:
>This is cool until you get down to this part:
>
>> Local currency is a lot of fun, and it's legal - HOURS are taxable
>> income when traded for professional goods or services. Local currency
>> is also lots of work and responsibility.
>
>Is this a declaration that although a trade of HOURS for services is not 
>a gain or profit, it will still be considered taxable income?
>
<snip>

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