All right it’s been the topic of mirth for the last few days that the IRS put out some new guidance on reporting as income the value of the property stolen and I’ve been kind of amused that the talking heads didn’t know this is nothing new. I remember when I took tax in law school 50 years ago it was always the rule that you had to report all income — ill gotten or legitimate. It’s nothing new and if these morons think otherwise they need to quit.

PS I remember one case where a man won big at the track and didn’t report it and his defense in court was that it just offset his losses at the track and he presented a bunch of losing tickets and the court didn’t buy it noting that they had shoe prints and various indications that he had just gone around scarfing up losing tickets that had been thrown on the ground.