I believe e-gold will have to be treated as a commodity purchase or as a
foreign currency. Either way the accounting is cost prohibitive for any but
the largest of transactions, or for non-taxable entities.
On Tue, 19 Dec 2000 17:47:36 -0500, CCS wrote:
> > 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.
>
> I see. And payment of e-gold as an expense...
>
> The IRS has some rules for taxation of barter trade, altho I am not
> familiar with them. I expect the IRS would treat use of e-gold as
> a form of barter.
>
> Another (much less likely) possibility is that the IRS would treat trade
> in terms of e-gold just like it does the business of corporations that
> do substantial business in a "foreign currency". How is that handled
> without getting into the same problem of accounting for every single
> transation of a foreign branch as a foreign exchange speculation?
>
> CCS
>
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