- 6 - traceable to such property" is subject to forfeiture to the United States. 18 U.S.C. sec. 981(a)(1)(A). The title 31 sections establish the Federal Government's policy against structuring. See Stephens v. Commissioner, 905 F.2d at 670. To allow petitioner a deduction for losses arising out of illegal activities would undermine public policy by permitting a portion of the forfeiture to be borne by the Government, thus taking the "sting" out of the forfeiture. See Tank Truck Rentals, Inc. v. Commissioner, 356 U.S. 30, 35 (1958); Wood v. United States, supra at 422; Holt v. Commissioner, 69 T.C. 75, 81 (1977), affd. 611 F.2d 1160 (5th Cir. 1980); Farris v. Commissioner, T.C. Memo. 1985-346, affd. without published opinion 823 F.2d 1552 (9th Cir. 1987). Petitioner seeks to draw a line between his situation and the cases denying deductions for forfeitures on the ground that such cases involved drug dealers whose activities involve much more serious violations of law than his structuring of bank deposits. We think this distinction is without merit. The Congress, by its enactment of the antistructuring statutory provisions, established a declared public policy. Taking into account the "presumption against congressional intent to encourage violation of declared public policy", Tank Truck Rentals, Inc. v. Commissioner, supra at 35, and that the antistructuring provisions constituted subtitle H of the Anti- Drug Abuse Act of 1986, Pub. L. 99-570, 100 Stat. 3207, 3207-22,Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011