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Muni bonds should be owned in your taxable brokerage accounts, and is not in your IRA or 401K accounts because income in those accounts is already tax-deferred.

In fact, this column was inspired by an innovative York Times article that ran last week, arguing that generous tipping "is a technique that is guaranteed to put no relating your organization." (1) Then why does the person being tipped pay ?

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Defenders for this IRS position would say it returns to Section 61. The waitress provided a service for me, and I paid hard. Compensation for services is taxable. End of deal.

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