What's in blue highlight: how you should read ANY #legal argument! Is what the individual is saying founded in #law and #statutes based off of #legal #maxims or are they headlong at straws and drawing ambiguous conclusions? Before believing what anyone tell you, myself included, ask yourself: "are they using legal maxims and actual statutes backed by #caselaw to prove their argument, or are they extracting particular statutes put of context.
The red highlight: THIS IS IMPERATIVE!!! This is what David meant earlier when he said he could tell immediately that Pete didn't know #taxlaw at all. Pete's foundational understanding of the #incometax is WRONG! Pete doesn't know what part of the #paycheck is taxable because he doesn't understand section 83 of the tax code (evidenced in next section). Pete thinks the entire paycheck is #taxable making the income #tax a #directtax and therefor #unconstitutional. The #incometax is an #indirecttax because it does not directly tax #property it taxes the #profit accrued from property! *Keep in mind* that labor IS property < this will be explained thoroughly in the next few posts AND in @ari_woke_up posts of a presentation by David.
Watch the video Ari has posted!! It is David explaining through STRICTLY statutory language and #legalmaxims that labor is property therefor a #COST that should be deducted when #filingtaxes
The second red highlighted part is in reference to "fair market value" as described in 27 C.F.R. 70.150(b) "fair market value is that amount which one ready and willing but not compelled to buy would pay to another ready and willing but not compelled to sell the property." The last part: fair market value (FMV) of cost, amount paid, and basis cost are all synonymous.