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In lugnet.market.services, Larry Pieniazek writes:
> In lugnet.market.services, Paul Sinasohn writes:
> > And you can't NOT accept US cash, can you??
>
> Do you mean legally? Or from a reputation perspective?
>
> I don't think that you are legally required (in a mutually voluntary
> transaction) to accept or not accept any particular form.
What does the term "This note is legal tender for all debts, public and
private" mean? It's printed on all of our currency.
I remember reading once (5-10 years ago) that all US cash had to be accepted as
a form of payment except pennies. I don't recall if the source was reliable, I
think it was on the net somewhere. But there are some problems with this if it
is true.
What is a merchant's responsibility to make change if they don't have
sufficient denominations? What right to gas stations have to say that they
don't accept bills larger than $20? Why are pennies exempted? And if this
doesn't apply to the IRS, then how can it apply at all?
If the IRS thing is right, I'm guessing that my opinion is based on
misinformation. Does anyone out there know?
Chris
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