Samuel Mc Kee wrote:
>
> Got a question for those running businesses, most especially those running
> E-Gold-only businesses. How are you handling the capital gains tax?
>
Are you sure you are liable in the first place? Might check around a bit. This
site has excellent research:
http://www.LawR
>
> I don't see what the problem is unless you can't figure out the
> tax code.
According to the General Accounting Office, the IRS can't figure out the tax
code!
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I don't see what the problem is unless you can't figure out the tax code. I
don't operate a business but I have lots of buys and spends because I'm a
dabbler and I only have to have to put up with my own mess. Nevertheless I
use Microsoft Money and count my ounces of gold as you would shares of
st
> That's how I'd love to do it, but I'm not sure the IRS would approve.
>
> Suppose, for example, that I receive an ounce of E-Gold in revenue at a
time
> when an ounce goes for $300. Okay, I mark it in the books as $300 in
> revenue. Then Alan Greenspan goes on a bender and starts "injecting
> li
> When I offer services or products to people I always quote grams or
> ounces, doing it any other way is well, wrong.
But for US tax purposes, you have to know the dollar equivalent.
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On 24 May 2001, at 10:48, Vince Callaway wrote:
> When I offer services or products to people I always quote grams or
> ounces, doing it any other way is well, wrong.
Vince,
I couldn't agree more. We do same.
Claude
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On 24 May 2001, at 13:42, Samuel Mc Kee wrote:
> My concern is not with the tax itself, but with the enormous complexity
> that arrises trying to manage a FIFO system of accounting for what
> centigram was "bought" or "sold" (for practical purposes) when and for how
> much when the number of tran
On Thu, 24 May 2001, SnowDog wrote:
> Treat e-gold like a foreign currency. With each transaction is an exchange
> rate. You can use the amount of gold, and the exchange rate to get a US
> dollar equivalent for each transaction in your accounting system.
Now you know why I exchange gold by the gr
On 24 May 2001, at 13:21, Samuel Mc Kee wrote:
> Got a question for those running businesses, most especially those running
> E-Gold-only businesses. How are you handling the capital gains tax? Has
> anyone written any kind of specialized software to help with cap-gain
> recordkeeping in the E-Go
> Treat e-gold like a foreign currency. With each transaction is an exchange
> rate. You can use the amount of gold, and the exchange rate to get a US
> dollar equivalent for each transaction in your accounting system.
That's how I'd love to do it, but I'm not sure the IRS would approve.
Suppose
I'm not in America, but isn't capital gains tax only for long term ( > 12
months ) investments? E-Gold is not an investment it is a currency, and
trading profits or foreign exchange profits or losses are simply income.
Treat it just like Pounds Sterling, Euro or Yen, surely!
> -Original Messa
> Got a question for those running businesses, most especially those running
> E-Gold-only businesses. How are you handling the capital gains tax? Has
> anyone written any kind of specialized software to help with cap-gain
> recordkeeping in the E-Gold system? It seems to me capital gains
> calcu
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