Article: Money transfer laws designed to stop laundering Moving $10,000 or more into, out of country must be reported to customs; The Dow industrials The share prices of the stocks of these 30 companies are used to calculate the Dow Jones industrial average: AlliedSignal Inc. Alcoa American Express Co. American Telephone & Telegraph Bethlehem Steel Corp. Boeing Co. Caterpillar Inc. Chevron Corp. Coca-Cola Co. Walt Disney Co. Du Pont Co. Eastman Kodak Co. Exxon Corp. General Electric Co. General Motors Corp. Goodyear Tire and Rubber Co. IBM Corp. International Paper Co. McDonald's Corp. Merck & Co. 3M Co. J.P. Morgan & Co. Philip Morris Cos. Procter & Gamble Co. Sears, Roebuck and Co. Texaco Inc. Union Carbide Corp. United Technologies Corp. Westinghouse Electric Corp. Woolworth Corp.

Q: I am a native of the Philippines and a naturalized U.S. citizen. I have an interest in a Philippine-based family company set up by my father before he died. Recently the company sold some land in the Philippines and is giving me $50,000 as my share of the proceeds.

Does this money need to be declared on my income tax when I electronically transfer the funds or personally bring them into the U.S.?

Also, please enlighten me about the laws and regulations governing the transfer of money from a foreign country to the U.S. I would like to know the rationale for the required reporting of sums over $10,000 received by mail, electronic bank transfer or personally brought into the country in ...

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