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Could belong in the IRS thread or the gun thread. But I'm fairly sure someone just about messed their pants when they were able to shut a gun dealer down as well as illegally seizing their property.
Small business owners forced to battle IRS over seized bank accounts | Fox News
Small business owners forced to battle IRS over seized bank accounts | Fox News
Clyde was accused of what's known as "structuring" -- that is, making deposits deliberately calculated to skirt reporting requirements -- because he made frequent deposits just under $10,000.
But Clyde says he only did that because of his insurance policy.
While most transactions at Clyde Armory are not in cash, the Sandy Hook school shooting in Newtown, Conn., and the potential for new firearms laws, drove sales. Clyde's business made millions of dollars, about 15 percent of it in cash transactions. Clyde's business manager made daily deposits, and based on the dollar value of his insurance policy -- capped at $10,000 -- the company policy was to not ever hold more than $10,000 cash.
