The issue of whether e-gold is valid currency is not the issue. It is the
very fact that it might be treated as such that gives problems.
And even if you cleared out the e-gold on each transaction, it is just too
complex an accounting problem for serious businesses to deal with. With the
caveat being tax-exempt businesses and transactions.
On Tue, 19 Dec 2000 15:52:11 -0500, [EMAIL PROTECTED] 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. 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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