Kids Must Declare Gifts

(Ogden, UT) Children are no longer exempt from service at the hands of Internal Revenue Service. As of midnight, December 24 all kids receiving Christmas presents must determine a fixed value to the gifts and declare them on the appropriate IRS form.

This departure from past considerations comes as a result of increased defense spending under the heading War On…(fill in the blank). Gifts that are appraised at over $100,000 fall under tax relief bill #49939928-QP and require no new tax. Expenses incurred by those in the top 2% in annual income are fully deductible.

Juvenile evaders are warned that cash gifts fall under the category of tips and must also be declared. Children returning or exchanging presents will be liable only for the highest priced item. Coal, like last year, is a flat 10% deduction.