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Entry Submitted by Lane R at 8:40 PM ET on April 16, 2023
To Whom it may concern,
I would like to explain to you what the IRS FORM 8819_DOLLAR ELECTION is and how General Electric (GE) uses it to pay a ~3.6% Income Tax.
Understanding The Dollar Election comes from the understanding that the US Tax Code is based on Functional Currency (See 26 USC 985). Functional Currency is defined as “the dollar”. Constitutionally, “the dollar” can only mean the U.S. Silver Dollar and cannot mean the FEDERAL RESERVE NOTE “DOLLAR” (FRN). The FRN is a hyperinflationary currency known as a “non dollar” (1.985-3 (c)(1) that, to this day, is not legal tender in the United States or anywhere else.
This hyperinflationary currency (FRN) can be properly accounted for on a Translation Statement described in 26 CFR 1.985-3 (c)(10).
Let me know if you have any questions.
Kind Regards,
Lane R
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