Lucy Ricardo purchases a $15,000 diamond necklace from a retail jeweler. She gives the jeweler $8,000 in traveler’s checks and a $7,000 personal check in payment for the necklace.

Lucy’s next stop is at the local Toyota dealer. She buys a $25,000 Camry using a $4,000 cashier’s check, a $2,000 money order, $6,000 in cash, and a $13,000 traveler’s check.

Lucy’s shopping spree ends at her travel agent’s office. She asks the travel agent to arrange a month-long trip to Switzerland to see the Alps. The total amount of the accommodations, airline tickets, and admission fees adds up to $13,500. She pays for the trip with a cashier’s check in the amount of $11,000 and $2,500 in cash.

Is Lucy required to report any of her transactions under 26 U.S.C. Section 6050I? Must the retail jeweler, the car dealer, and/or the travel agent report the transactions? Why would Congress and the Service (IRS) want to know about these types of transactions?

Please write an IRAC essay discussing this issue.
Place your order now for a similar paper and have exceptional work written by our team of experts to guarantee you A Results

Why Choose US   

    6+ years experience on custom writing
    80% Return Client
    Urgent 2 Hrs Delivery
    Your Privacy Guaranteed
    Unlimited Free Revisions