> That's how I'd love to do it, but I'm not sure the IRS would approve.
>
> Suppose, for example, that I receive an ounce of E-Gold in revenue at a
time
> when an ounce goes for $300. Okay, I mark it in the books as $300 in
> revenue. Then Alan Greenspan goes on a bender and starts "injecting
> liquidity"--or whatever may be the Newspeak du jour for debasing our
> nation's money--and gold goes to $1000 and ounce. Now I have Omnipay send
a
> $1,000 check to someone my business owes money, and it costs me the same
> ounce of gold that I marked as $300 in revenues. To an economist I haven't
> gained jack shit, of course, but in the eyes of the IRS I've realized a
$700
> gain.
[Disclaimer: I am not an accountant. My accountant did my e-gold
calculations from my transaction record.]
Yes, you just had a capital gain. You effectively 'bought' e-gold for $300
and then 'sold' it for $1000. When you receive e-gold as payment, it's
effectively the same as receiving dollars and then purchasing e-gold. For
accounting purposes, teat the capital gains as first-in, first-out, and you
have the whole thing.
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