I swear, the Tax Prof Blog comes up with the best stuff,
If you have a few spare moments, check out this story.
To make a long tale short, in 2002 Daniel and Brenda Standyk were interested in purchasing a used Geo Storm from a dealership in Kentucky. They bought a lemon and their car broke down seven miles from the dealership, so they cancelled payment on their check. Bank One mistakenly labeled the Standyk’s check as having “insufficient funds”. As a result Brenda was arrested, strip searched and humiliated.
The Standyks sued Bank One and got a settlement of $49,000 – which the IRS came after them for a cut in 2005.
Its all at the Tax Prof Blog, or you can read the court findings here.
Best,
James
Like DINKS? Subscribe!
Subscribe to get the latest DINKS Finance content by email.
DINKS (Dual Income No Kids) Finance is a blog discussing personal finance for couples. While by no means financial experts, we own a variety of assets including real estate and stocks. We've been up to our eyeballs in debt and have made tons of financial mistakes. However, we've successfully retired that debt and we both do learn from our failings. We hope that our voice in this blog can help others in achieving their goals!
{ 0 comments… add one now }