Do I Need To Report This Income?
The IRS wants to eat all your money. They don't care where you got it, even if its from bribes or selling drugs.
If you have more specific questions, like, "I hosted a party to sell products to my friends (and use my social circle for multilevel marketing from some corporation), and my guests brought me gifts. Do I have to report this?" check out Do I Need to Report This Income? Part 1 in Flexo's Consumerism Commentary.
(Hint: The answer is yes.) — BEN POPKEN
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Actually, the answer to your hypothetical question is, "Yes, but don't worry. You'll soon drive all your friends away and will have nothing left to report."
that is the best stock photo ever.
What, the photog was too cheap to put on a layer of 20s? Dude, you can take them back to the bank when you're done. You're only looking at $240 here, man.