Hi, I have been watching this conversation and am interested in the view that most people are taking. I don't have any experience of US tax laws or the IRS code on capital gains tax, but in most countries, there are fairly open guidelines about capital gains taxes that are "interpreted" on a case by case basis. For instance, if you bought and lived in your family home for 6 years, then after having a couple of kids, sold and bought a larger house, even large profits realised in the sale of your first home would not usually attract capital gains tax. If on the other hand you bought and sold 3 houses in a month, you would certainly attract some capital gains tax. The difference is that you are speculating. It would be open to interpretation if utilising e-gold for daily transactions could be considered as speculating, since your "intention" is not to create profits by trading gold. In fact on many daily transactions, you may even lose profit, meaning you could claim capital losses and reduce your tax burden! Another point that everyone here seems to have completely overlooked is the fact that accounting software is extremely complex stuff that does an incredible job of looking after the finances of a business. Even large businesses usually have more data entry personnel than real accountants and bookkeepers these days, the software does it all. If a large firm saw the advantage of using e-gold for thousands of transactions a day as has been suggested, it would be an INCREDIBLY SIMPLE matter to have an accounting module added to their existing software that would do ALL the extra work necessary to take into account the capital gains/losses and include the results in the various balance sheets. All that "may" be necessary, depending on the structure of the businesses payment model, would be an extra field in the input form like: e-gold transaction? Yes|no. this is a total no-brainer :-) Have you ever been to a duty free shop at the airport? Those guys accept any currency you could hand to them without the blink of an eye, select the appropriate currency on the register, and without a twitch, complete the transaction AND give change. That is a MUCH more complex operation than accepting e-gold and I guarantee the DF shop owner doesn't lose any sleep over his accounts. It is all handled by his software. If you want to use information age currency and solutions, you have to stop thinking of "industrial age" methods and move on to the relevant technology. Anyone who can't see how simple it all really is, just doesn't realise the capabilities of modern information systems. Regards, Sidd. -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]]On Behalf Of Glencannon Group Ltd. Sent: Thursday, 21 December 2000 12:21 To: e-gold Discussion Subject: [e-gold-list] Re: E-gold scam survey The discussion we are having concerns the issue of whether e-gold is appropriate for US companies. NOt Belize companies. If you were located in Belize, or some other tax haven this whole discussion would be irrelevant. (MAYBE - A Belize company that does business in the US is bound to observe US tax laws.) But I suspect that most users of e-gold are neither foreign residents nor US residents who have properly structured their business activities abroad. As such they are stuck with the stinking IRS! On Wed, 20 Dec 2000 12:49:11 -0500 (EST), [EMAIL PROTECTED] wrote: > At Wed, 20 Dec 2000 08:43:42 -0800 (PST), "Glencannon Group Ltd." <[EMAIL PROTECTED]> > wrote: > > > >Of course accounting is a headache, and if you are small business company > >or > >individual with a small amount of transactions, you can pretty much > >ignore > >it. But if you are business doing millions of dollars in business, > >you > >can't. > > I thought glencannongroup was based in Belize. > > Are you complaining about record keeping for the Belize tax system? > > I am curious because this would definately take Belize off my list of locations > for an > IBC that does its transactions principally in e-gold. > > don > > > > IMPORTANT NOTICE: If you are not using HushMail, this message could have been read easily by the many people who have access to your open personal email messages. > Get your FREE, totally secure email address at http://www.hushmail.com. > > > > > --- > You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] > To unsubscribe send a blank email to [EMAIL PROTECTED] Glencannon Group Ltd. http://www.glencannongroup.com/ [EMAIL PROTECTED] [EMAIL PROTECTED] (for a more secure email) fax: 419-710-4339 _*_*_*_*_ For an e-gold funded Debit Card: http://www.glencannongroup.com/genucap/ _______________________________________________________ Send a cool gift with your E-Card http://www.bluemountain.com/giftcenter/ --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
