On 24 May 2001, at 13:21, Samuel Mc Kee wrote:
> Got a question for those running businesses, most especially those running
> E-Gold-only businesses. How are you handling the capital gains tax? Has
> anyone written any kind of specialized software to help with cap-gain
> recordkeeping in the E-Gold system? It seems to me capital gains
> calculations would quickly make E-Gold completely unworkable for a U.S.
> based business. Is anyone simply ducking the issue entirely (if so don't
> give your real name!) ?
There is no problem. Most accounting softwares deal with multi-
currencies.
The variations in the gold exchange rates can be treated as capital
gains if you treat your e-gold as an invesment. But if you use it as
a currency, then the variations cause a loss or a gain on currency
exchange which reduce or increase your revenus.
Exchange providers who maintain an inventory will calculate the
gains or loss at the end of their period and apply it to revenus.
This is automatically handled by your accounting software. I use
QuickBook Pro.
Claude
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