the internal revenue service is really looking very closely at these exchanges and i know a lot of people say a fair exchange is no robbery for our purposes it may in fact be a taxable event so for let's say legal purposes they may not look into the sufficiency of an exchange but for tax purposes it's becoming a very closely scrutinized issue and for our audience explain what fair exchange what you mean when you say that well that would be if let's say i traded you something that had a monetary value of one hundred dollars and you gave me something that had the value of two thousand dollars ok would be a an even exchange now for legal purposes it may be a valid exchange but it could very well be a taxable event particularly for you receiving this item that is worth two thousand dollars now when you only had if you were to look at it as skin in the game one hundred dollars so the remaining you know one thousand five hundred dollars could be taxed as regular income ok and this is all we've been the case but now the i.r.s. is starting to enforce it or go after people that are not doing this

. >> mike many americans, each of you has recently had an unhappy experience with the internal revenue service. i'm going to prolong your ordeal. congresswoman ferraro, you disagree with the rules that a candidate must report the income or asset of his or her spouse if they get benefit from them. your income taxes return that you did benefit because your husband paid mortgage and property taxes on your home. the house ethics committee is examining this question, but they will not report their findings until after the election. would you be willing to ask that committee to hurry up its report before the election? >> let me say to you, i already did that. i wanted them to move ahead. if you recall, i went an hour and 45 minutes speaking to 200 reporters on august 21, the day after i was required to file my financial statement. and i sat for as long as they had questions on the issue, and i believe that they were satisfied. i found more information on any other candidate. not only did i agree to file my tax returns after a little bit of prodding, my husband also agreed to file his with the -- not

. >> mike many americans, each of you has recently had an unhappy experience with the internal revenue service. i'm going to prolong your ordeal. congresswoman ferraro, you disagree with the rules that a candidate must report the income or asset of his or her spouse if they get benefit from them. your income taxes return that you did benefit because your husband paid mortgage and property taxes on your home. the house ethics committee is examining this question, but they will not report their findings until after the election. would you be willing to ask that committee to hurry up its report before the election? >> let me say to you, i already did that. i wanted them to move ahead. if you recall, i went an hour and 45 minutes speaking to 200 reporters on august 21, the day after i was required to file my financial statement. and i sat for as long as they had questions on the issue, and i believe that they were satisfied. i found more information on any other candidate. not only did i agree to file my tax returns after a little bit of prodding, my husband also agreed to file his with the -- not

but it's the internal revenue service which estimates now that we aren't collecting $100 billion or more in taxes owed in this country. and that is just absolutely unfair to the vast majority of americans who pay their taxes and pay them on time. the dorgan task force, which included two internal revenue commissioners, one a republican, one a democrat. it was a bipartisan commission, a study by two respected economists, which indicated that we could collect some 40, 45, 50 billion dollars of those funds. the point is you've got to have a president who's prepared to do this and to begin right away and, preferably, a president who was a governor of a state that's had very, very successful experience at doing this. in my own state, we did it. in other states, we've done it. republican governors as well as democratic governors. and we've had great success at revenue enforcement. now, the vice president will probably tell you that it's going to take an army of irs collectors again. well, his campaign manager, who used to be the secretary of the treasury, was taking great credit about a year a

starting next year the internal revenue service is raising the contribution limit from 401(k)s from $17,000 to $17,500. it's the second year in a row it's been raised. puppies aren't only cuddly, they're also a great source of heat. officials believe a 10-year-old boy in alabama used his puppies to keep warm overnight after he went missing for 15 hours. he has down syndrome and vanished when he followed his dogs into the woods. searchers found him without shoes on about a mile away from his home. the good news is that he is okay. you can see him there he was a little cold, but what a great story. we're so happy the way things turned out. yes, the puppies kept him warm overnight. >> good for the puppies. thanks, lisa. thanks very much. >>> we're hearing an amazing rescue story of a man stranded at sea for nine days. the man is safe thanks to some sharp-eyed airline passengers. you've been busy for a dead man. after you jumped ship in bangkok, i thought i'd lost you. >>> surfing is my life now. but who's going to .... >>> tell the world that priceline has even faster, easier ways to save you

. >> talking about educational -- i could not help but think of the internal revenue service when he started talking about education. you are collaborating with nonprofits. bernardo ruiz productions -- >> not a non-profit, but primarily public funders, foundations. >> so you are non-profit, you have money from foundations, they have agendas. the second problem, the irs seems to not buy in many cases, they do not buy the notion that non-profit journalistic enterprises are educational things. how do you wrestle with both of those? >> there is a discomfort with the idea that newspapers are not going to be ok. the idea that it needs to be a public service type entity that take that role is still something they are getting accustomed to. there is movement in a positive -- >> these are old irs agents that are holding back? >> i do not know. the point being, what i'm trying to address is that there is a role, there is a gap between when you leave school, even college, and civic engagement, being able to run for office. what that knowledge -- how you learn all the things about how your commu

. >> talking about educational -- i could not help but think of the internal revenue service when he talking about education. you are collaborating with nonprofits. bernardo ruiz productions -- >> not a non-profit, but primarily public funders, foundations. >> so you are non-profit, you have money from foundations, they have agendas. the second problem, the irs seems to not buy in many cases, they do not buy the notion that non-profit journalistic enterprises are educational things. how do you wrestle with both of those? >> there is a discomfort with the idea that newspapers are not going to be ok. the idea that it needs to be a public service type entity that take that role is still something they are getting accustomed to. there is movement in a positive -- >> these are old irs agents that are holding back? >> i do not know. the point being, what i'm trying to address is that there is a role, there is a gap between when you leave school, even college, and civic engagement, being able to run for office. what that knowledge -- how you learn all the things about how your community wor

. >> like many americans, each of you has recently had an unhappy experience with the internal revenue service[laughter] i am going to prolong your ordeal. congresswoman ferraro, you disagree with the rule that says a candidate must report the income or assets of his or her spouse if you get any benefit from them. your husband's tax returns show you did benefit because he paid the mortgage and property taxes on your homes. the house ethics committee is examining this question, but it will report its findings until after the election. would you be willing to ask that committee controlled by democrats to hurry up its work and report before the election? >> let me say to you that i already did that. i wanted them to move ahead. if you recall, i spent about one hour and 45 minutes speaking to 200 reporters on august 21, the day after i was required to file by financial statement. i sat for as long as they had questions on the issue and i believe they were satisfied. i filed more information that any of their candidate for national office in this country. not only did i agree to file my tax returns

but it's the internal revenue service which estimates now that we aren't collecting $100 billion or moreowed in this country. and that is just absolutely unfair to the vast majority of americans who pay their taxes and pay them on time. the dorgan task force, which included two internal revenue commissioners, one a republican, one a democrat. it was a bipartisan commission, a study by two respected economists, which indicated that we could collect some 40, 45, 50 billion dollars of those funds. the point is you've got to have a president who's prepared to do this and to begin right away and, preferably, a president who was a governor of a state that's had very, very successful experience at doing this. in my own state, we did it. in other states, we've done it. republican governors as well as democratic governors. and we've had great success at revenue enforcement. now, the vice president will probably tell you that it's going to take an army of irs collectors again. well, his campaign manager, who used to be the secretary of the treasury, was taking great credit about a year ago and ask

revenues coming in at over $2.7 billion compared to about $2.6 will billion estimate. it was driven by service, data processing and internationalactional revenues. no dollar impact. authorized a $1.5 billion stock buyback program. a new one and raising dividend payment by 50%. >>> thank you very much, bertha coombs. >>> on the visa trade, why is there a high valuation compared to master card sm. >> visa has more growth behind them as we were discussing. the company right now, if they're able to execute on what they've been saying, you can even take that multiple up further. however, i don't like the way the stock has traded off the highs and after hours. i would like to see it get through that 143 level. this quarter, they're executing on all cylinders. if the stock doesn't break out on this news -- i think visa can trade higher. the multiple can expand. their business is for this year, next year an the following year, it's really looking great. >> consumer sfepending on the rise, it's a catalyst for the bold. where do you stand if we see fiscal cliff issues, consumer spending going the other way. people start to hold on to the

carolina residents brought in this morning, secret service detected a security breach an international hacker at the south carolina department of revenue from as far back as 1998, a staggering 3.6 million social security numbers have been compromised and nearly 400,000 credit and debit card numbers are at risk they say. residents have been urged to check to see whether you've been affected. if so, you're eligible for a free year of security protection. >> tonight is pivotal game three of the world series and tigers down two games to zero, will they respond? dave briggs is live from comerica park in detroit and certainly knows all about the world series, former detroit tigers pitcher, jack morris. >> dave: jack morris knows all about the world series, won, and 1984 for the tigers. and jack, good to see you this morning. >> thank you. >> dave: 14 of the last 15 teams have taken a 2-0 lead in the world series won it all. recent history and momentum is on the side of the giants. is this thing over? >> i don't think it's over. i know that the tigers have dug themselves a nice deep hole. there's light and they have to climb back up and see i

revenue system server has been hacked and exposed tax return information from as far back as 1998. haley also says an international hacker is responsible for this. the state is offering credit protection servicespacted. >>> we've been talking about the millions of people along the east coast who are about to get hit by this monster storm. we're going to tell you more about some of the numbers we're learning, too. new death toll numbers and what does that mean for what's coming. 2 ♪ [ male announcer ] start with nothing, build a ground-breaking car. good. now build a time machine. go here, find someone who can build a futuristic dash board display. bring future guy back. watch him build a tft display like nothing you've ever seen. get him to explain exactly what that is. the thin film transistor display... [ male announcer ] mmm, maybe not. just show it. customize the dash, give it park assist. the fuel efficiency flower thing. send future guy home, his work here is done. destroy time machine. win some awards, send in brady. that's how you do it. easy. wit's hard to see opportunityy. in today's challenging environment. unless you have the right perspective. bny mellon wealth management has the