>>The dollar will only become 'mute' when the IRS accepts gold as payment<<
I know this may sound strange, but The I.R.S cannot and will never accept
gold as payment for tax. Gold and Silver is defined under US law as real
money but Federal Reserve notes are not (Legal tender). If fact the IRS can
not tax pure gold at all but I don't think they will let you see it that
way.
Vic
-----Original Message-----
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]] On Behalf Of Craig Haynie
Sent: Thursday, 21 December 2000 09:06 a.m.
To: e-gold Discussion
Subject: [e-gold-list] Re: E-gold scam survey
> Maybe you should consider tracking your transactions in grams instead of
> dollars.
>
> If you are basing your business on E-Gold, then you should be using grams
as
> your base currency. The dollar value of your transactions becomes mute.
I think you're missing the point. At the end of the year, you are going to
have to compute the capital gains tax on each transaction. If you are liable
for US taxes, then you have to keep a record in US dollars. The dollar will
only become 'mute' when the IRS accepts gold as payment, (or the capital
gains tax is eliminated :) )
Craig
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