I guess what I meant by "recognition" and as I think about it I realize it
is a bad choice, is the IRS would recognize the receipt of e-gold as an
income transaction and not a capital transaction. If you could treat 1.00
in e-gold as income instead of worrying about capital gains and losses, it
would not be a problem.
On Mon, 18 Dec 2000 19:19:35 -0500, CCS wrote:
> You make some good points about the impracticality of using e-gold for
> a taxpaying business because of the difficulty of figuring out the
> tax consequences of so much exchange/trading activity.
>
> > It doesn't matter how much money is in e-gold, it will never be "real"
> > currency until it is recognized as such by governments.
>
> But I am not sure what you mean by government "recognition" or why
> that would improve the situation.
>
> Historically, currency in the United States all used to be privately
> issued. The reason this is no longer the case is that around the
> time of the Civil War a circulation tax (of 10%, if my recollection
> serves me right) was enacted for the purpose of driving the private
> issues out of circulation. [I think this was done as part of Lincoln's
> Civil War income tax (which was later declared unconstitutional once
> Lincoln let the Supreme Court justices out of prison).] The last
> time I checked (which admitedly was 35 years ago) this circulation
> tax was still on the books. So government "recognition" might only
> mean being subject to this tax.
>
> In any case government "recognition" would, one way or the other, mean
> government control that would remove all reasons to use it.
>
> > Now offshore companies that are tax free, and individuals and
> > companies that have no compunction about defying tax laws can
> > use e-gold without too much trouble, but I can't see it being
> > useful for everyday commerce.
>
> That's good enough for me.
>
> CCS
>
> ---
> You are currently subscribed to e-gold-list as:
[EMAIL PROTECTED]
> To unsubscribe send a blank email to
[EMAIL PROTECTED]
Glencannon Group Ltd.
http://www.glencannongroup.com/
[EMAIL PROTECTED]
[EMAIL PROTECTED] (for a more secure email)
fax: 419-710-4339
_*_*_*_*_
For an e-gold funded Debit Card: http://www.glencannongroup.com/genucap/
_______________________________________________________
Send a cool gift with your E-Card
http://www.bluemountain.com/giftcenter/
---
You are currently subscribed to e-gold-list as: [email protected]
To unsubscribe send a blank email to [EMAIL PROTECTED]
