On Tue, 22 Mar 1994, Peter Hendrickson wrote:
The IRS made bearer bonds illegal about ten years ago. It seems people were using them to evade income tax. I believe they are forbidden within the United States and U.S. citizens are forbidden to own them at all anywhere.
Bearer bonds are not illegal in the US. The interest paid on bearer bonds issued after a certain date is not deductible from taxes but the bonds are legal. Additionally, depending on specifics, financial institutions may have to report sales and purchases including tax ID # on some transactions involving bonds. A bond is just a debt obligation. If you want proof that bearer instruments are legal, endorse a check made payable to you - you have just converted it into a bearer instrument (as long as you add no restrictions to your endorsment). You will not be busted if the government finds out you signed the back of a check. DCF "She sleeps with the boss." Roz Russell on how Norma Shearer (wife of Irving Thalberg) got all the juicy movie roles. -- Not Rush discussing how HRC got WJBC to appoint her Health Care Czar.