WalMart redux

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wrote:

Why should it make a difference? He could roll in wearing a jockstrap and a light coat of oil on his way to a bodybuilding contest. He had ID, he was vouched for. So a subhuman clerk (if there is anything below human) and a subhuman manager and a "Planet of the Apes" cop manage to do everything possible to spoil his view of the world because he MIGHT have been in jeans, a supposition that isn't supported in any way by the little we do know.
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According to the story, the GAF employee was "Dressed in khaki pants and a blue button-down-collar dress shirt". I'm not one to cry "racism" easily, but operating on the assumption that the news story is accurate, I don't know what else to conclude.
todd
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Well, from the rumors I've heard whispered, with respect to those of the darker persuasion's tooling, the clerk mighta thought he had a concealed weapon down there.
--
Owen Lowe
The Fly-by-Night Copper Company
  Click to see the full signature.
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Charles Self wrote:

I need a roll of paper towels and some 409 to clean the Diet Coke off my computer...
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Whoops. And that's an old one, one I heard about a week after getting out of Parris Island, during ITR, when someone asked what the uniform of the day was. Jesus. ITR would have been mostly in May, 1958. Warm enough for the uniform at LeJeune. Long, long time ago. No wonder I creak.
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That $10,000 limit you refer to applies only to cash deposited or withdrawn from a bank. It's an interesting way to try and stop obvious money laundering.
Doesn't apply to checks, certainly doesn't apply when someone is making a purchase at a retail store.
John E

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Wrong, A form 8300 has to be filed on ALL transactions over $10,000. Cash, check or combinations of each. If fact, a retailer or banker can not (under huge penalty) even advise or even hint that a 8300 for will be filed on the transaction.
Dave
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Don't think so. Do you realize how many check transactions of that magnitude are made by businesses every minute of the day? I've never seen it in my 40 years in industry.
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wrote:

At work, I buy test sets that cost $30,000 each. Occasionally, I buy as many as ten at a time. They get paid for with a corporate check from our AP dept. There is no extra paperwork.
I bought a new Toyota pickup in March with a personal check. There was no extra paperwork.
The down payment on my home was a certified check from my account, the rest was a check from the mortgage holder. The only extra paperwork I had to file was to certify to the lender that I didn't borrow the down payment.
Seeing a pattern? <G>
The check IS the paper trail. The IRS paperwork is used in cash transactions.
Barry
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"Ba r r y"

The 8300 IRS form is not a form the buyer ever sees. I am a car dealer, believe me we file the forms. We are not allowed by law to even tell you we are filing it. Not to mention we have to keep it on file for five years!
Dave
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Form 8300; All parts must be filed for all Cash transactions over $10,000. the term Cash means the following; U.S. and Foreign coin and currency received in any transaction. A cashiers check, money order, bank draft, or travellers check having a face value of $10,000 or less that is received in the cash transaction that collectively exceeds $10,000. Cash does not include a check drawn on the payers own account, such as a personal check or business check, regardles of the amount, nor an inter bank transfer. Cash does not include coin, cashiers check, money order, bank draft or travellers check if it constitutes the proceeds of a US sourced bank loan. The receipient of the payment received in trade or business must file the form 8300.
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TeamCasa wrote:

irrelevant, unless you have information that this was not done.

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wrote:

Suggest you read this:
http://www.yale.edu/tax/docs/rules_def_8300.pdf
Look at example 2.
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The instructions for form 8300 specify more than $10,000 in _cash_.
It specifically states "Note. Cash does not include a check drawn on the payer's own account, such as a personal check, regardless of the amount.".
However, if a retailer or banker _believes it to be a fraudulent or otherwise illegal_ transaction, they then must file form 8300.
scott
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I think you may be confusing that for Cash transactions. I saw no such from when I bought my last 2 cars and wrote checks for the whole amount. I do recall my days working at a car dealership though. The sales staff and new car finance did not take cold cash for the purchase of a car. I witnessed a brief case full of cash being opened up in New Car Finance and the money being turned down. I often took checks for payment by insurance companies well in excess of $10,000.
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It's probably a bit pre-mature to assume that race was the motivating factor here. How was the guy dressed? If he was dressed down, is it possible this was a trigger of suspicion? If a similarly dressed-down white person had attempted the same thing would the same paranoia have reigned at Walmart?

A fitting twist

Yep. There had to have been a better way to have handled that situation. I've been caught in cases in the past where the only company ID I had was an insurance card when attempting to get a company discount from a particular retailer (purchase was for items for work). The retailer in this case did right and I learned a valuable lesson -- make sure that you take a company badge with you for these kinds of things.
Several things may have led to the WM manager's suspicions. In most cases, transactions this large are handled via purchase orders, so the fact someone had shown up with a check that large may have pegged the suspicion meter. Anybody can have business cards for anything printed up and I suspect that had the manager accepted the check and it turned out to be fraudulent, it would have been his backside on the line, so he was in a bad situation.

My understanding is the $10k reporting requirement is for bank transactions, not all financial transactions. The purpose is to catch money laundering.
+--------------------------------------------------------------------------------+ If you're gonna be dumb, you better be tough +--------------------------------------------------------------------------------+
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Technically $10,000 in _any_ transaction can be reported. However, it mainly refers to cash or combination of cash and checks. If you take cash for $5000 a week early, then take another $6000 in a few more days, you have to report it. If you get $5000 in cash and a Cashiers check for the balance, it's not required. If you get $9900 and then a check you are supposed to report that. This the feds feel is an attempt to circumvent the rules.
This reminds me I need to file a form at work first thing on MONDAY!
Alan
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In the modern media, if he had been white, it probably would not have made the news.
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"In most cases, transactions this large are handled via purchase orders, so the fact someone had shown up with a check that large may have pegged the suspicion meter."
Payment is still made by check.
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wrote:

While that is true, it is also true that the checks issued through purchase orders are issued by the appropriate financial departments of the company issuing the purchase order and generally sent via mail to the financial receiving department of the company with whom the purchase order was placed. In my experience, it would be very unusual for a person to deliver a check in person.
+--------------------------------------------------------------------------------+ If you're gonna be dumb, you better be tough +--------------------------------------------------------------------------------+
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