Quote:
David Merrill:
However the appearance for the benefit is recorded on the backside of the paycheck - endorsement of private credit from the fed. The "...new accounts, which will be held in trust and kept in one of the new forms I have mentioned..."
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Exactly! It matters not whether the mortgage has been recorded, if there is no income anyway. It's there, but inert.
It's not even so much the "endorsement vs redemption" issue, though that comes first- but having endorsed the check it still needs to be
gross income.
The problem here is "paycheck" instead of:
"loan check"
"pay-back check"
"credit check"
"debt check"
"even-exchange check"
"collateral-deposit check"
"private-refund check
"exempt-gift check"
"damage-cover check"
"pre-paid check"
"pass-through-agency check"
"no-character check"
"unable-to-make-a-legal-determination check"
...???
There are many many multiples
more money/value transfers out there every day all over the world
than the much smaller sub-section, "gross receipts", and no one ever dreams of imputing any 'beneficial income' character to these movements.