> 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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