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03/03/2009

IRTA Sends Letter To USA Today

(The following letter to the editor of USA Today was sent last week on letterhead from the International Reciprocal Trade Association.)

Dear Mr. Hillkirk:

We are responding to address issues that were brought forward in the February 26, 2009, article titled �For Work, That Will Cost One Laptop� by Emily Bazar.

The article was primarily focused on one-to-one barter activities between individuals. One-to-one bartering, or ancient barter, was man�s first method of commerce and is still widely practiced today.  As Professor  Staiger said, it does not significantly contribute to the nation�s or world�s GDP.

We would like to point out that there is a Modern Trade and Barter Industry that facilitates 12 billion dollars in business-to-business barter transactions worldwide annually. Last year over 250,000 participating businesses in the U.S. utilized this process to earn additional revenues and profits.

Modern Trade and Barter companies in the U.S. are considered third party record keepers pursuant to the Tax Equity and Fair Responsibility Act (TEFRA) of 1982 and as such are required to make IRS 1099-B filings verifying the gross amount of barter sales for their participating members. Clearly, the Modern Trade and Barter Industry is hardly an �underground economy� and it does indeed make a significant contribution to the nation�s GDP.

With the current economic conditions, businesses are searching for innovative ways to capitalize and earn additional revenues, and they are finding these benefits by utilizing the services provided by the Modern Trade and Barter Industry. Right now the industry is experiencing a major increase in barter transactions and applications for membership.

In our view the Modern Trade and Barter Industry is poised to provide a significant element in the economic recovery by supplying business capital that will lead to job creation and increases in production and consumption.

IRTA is a non-profit organization now in its thirtieth year of operation. IRTA regulates and provides standards for companies who supply businesses with Modern Trade and Barter services. For more information regarding IRTA�s mission and goals please access our web site www.irta.com.

Sincerely,
David Wallach, President
Ron Whitney, Director



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