As with any free money from the government, the first time home buyers tax credit (set to expire November 30th) has been abused. Russell George, the inspector general for tax administration, found that 580 home buyers under age 18 had purchased homes under the program. This figures includes one homeowner that is four years old. In possibly the understatement of the week, George concluded: "it is unlikely that these taxpayers would have entered into an arm’s-length transaction for the purchase of a home.”

[On Fridays, we explore the lighter side of tax news.]