Re: Bulletin: Cypherpunks say no taxes owed by moneychangers!
Lets state it simply, if you make a gain by holding a currency then it must be included in your reported income. At least one writer correctly stated that the IRS likely does not care about small amounts taken on a trip, but they are technically reportable. Same goes for a loss, it is a deduction (with string attached of course) from taxable income. Aside from ecash, helping people to exchange currency is my day job so I see this all the time, especially this month each year. Best FOT Disclaimer: Personal not corporate thoughts.... Frank O. Trotter, III - fotiii@crl.com www.marktwain.com - Fax: +1 314 569-4906 --------------------------------------------
Date: Mon, 8 Apr 1996 22:43:55 -5 From: Frank O. Trotter, III <fotiii@crl.com> Aside from ecash, helping people to exchange currency is my day job so I see this all the time, especially this month each year.
There is a guy in Tennessee who publishes a newsletter called _The Moneychanger_. He is one of those Constitutionalists. He did put himself through hell to get acquited of an IRS charge - he is a dealer in gold and silver and claimed that he wasn't selling anything, only changing denominations of Money, with no profits. He won the federal case; the IRS called their buds at the Tenn Dept of Revenue and had him indicted on a failure-to-remit-sales-tax charge. He was convicted on that by the Jury but he is appealing; meanwhile he only deals with out-of-Tenn people. Which just goes to show that convictions/acquitals under a jury system have a lot of random-walk flavor. Further reference at the OJ Simpson newsgroups.
participants (2)
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Alan Horowitz -
Frank O. Trotter, III