currency in the amount of $2,000 and a cashier’s check payable to M in the amount of $9,500.
Treasury Regulations:Įxample 1 D, an individual, purchases an automobile from M, an automobile dealer, for $11,500. The following two examples are based on examples illustrating the definition of “cash” which are contained in the U.S. Also, a cashier’s check, bank draft, traveler’s check or money order is not considered to be received in a designated reporting transaction if it constitutes the proceeds of a loan from a bank, thrift institution or credit union 4 or if it is received as a payment on certain promissory notes, installment sales contracts or down payment plans and the recipient does not know that the instrument is being used to avoid reporting of the transaction. Note: Under these rules, the term “cash” excludes personal checks written by an individual. received in a “designated reporting transaction,” which is defined as a retail sale of a consumer durable, 2 a collectible, 3 or a travel or entertainment activity.received in any transaction in which the recipient knows that such instrument is being used to avoid the reporting of the transaction, or.For purposes of this reporting requirement, “cash” also includes a cashier’s check, 1 bank draft, traveler’s check, or money order having a face amount of $10,000 or less if the instrument is
CURRENCY TRANSACTION REPORT AMOUNT CODE
The Internal Revenue Code (IRC) provides that any person who, in the course of its trade or business, receives in excess of $10,000 in cash in a single transaction (or in two or more related transactions) must report the transaction to the IRS and furnish a statement to the payer.Ĭash - “Cash” generally means the coin and currency of the U.S.
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