Reference no: EM131058860
Lucy Ricardo purchases a $15,000 diamond necklace from a retail jeweler. She gives the jeweler $8,000 in traveler's checks and a $7,000 personal check in payment for the necklace.
Lucy's next stop is at the local Toyota dealer. She buys a $25,000 Camry using a $4,000 cashier's check, a $2,000 money order, $6,000 in cash, and a $13,000 traveler's check.
Lucy's shopping spree ends at her travel agent's office. She asks the travel agent to arrange a month-long trip to Switzerland to see the Alps.
The total amount of the accommodations, airline tickets, and admission fees adds up to $13,500. She pays for the trip with a cashier's check in the amount of $11,000 and $2,500 in cash.
Is Lucy required to report any of her transactions under 26 U.S.C. Section 6050I? Must the retail jeweler, the car dealer, and/or the travel agent report the transactions? Why would Congress and the Service (IRS) want to know about these types of transactions?
Please write an IRAC essay discussing this issue.
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: Is Lucy required to report any of her transactions under 26 U.S.C. Section 6050I? Must the retail jeweler, the car dealer, and/or the travel agent report the transactions? Why would Congress and the Service (IRS) want to know about these types of ..
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