> 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.
>
> Glencannon Group Ltd.
>
The problem isn't that receiving 1.00 in e-gold isn't considered income.
The problem is that USD flucuates against 1.00 in e-gold. This is what
capital gains/losses are.
It is the same situation if you hold onto GBP, JPY, CHF, etc... The USD
flucuates against them as well. The IRS doesn't claim that they aren't
valid currencies.
The only way to get rid of the capital gains/losses problem is to peg 1.00
of e-gold to x amount of USD.
OR...
You could just clear out your account at every possible instant. That way
you can still accept e-gold, but not have the problem of capital
gains/losses.
Viking Coder
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