Re: Bulletin: Cypherpunks say no taxes owed by moneychangers!

Lets state it simply, if you make a gain by holding a currency then
it must be included in your reported income.  At least one writer
correctly stated that the IRS likely does not care about small
amounts taken on a trip, but they are technically reportable.

Same goes for a loss, it is a deduction (with string attached of 
course) from taxable income.

Aside from ecash, helping people to exchange currency is my day job
so I see this all the time, especially this month each year.

Best

FOT

Disclaimer: Personal not corporate thoughts....

Frank O. Trotter, III  -   fotiii@crl.com
www.marktwain.com  - Fax: +1 314 569-4906
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> Date: Mon, 8 Apr 1996 22:43:55 -5
> From: Frank O. Trotter, III <fotiii@crl.com>
> Aside from ecash, helping people to exchange currency is my day job
> so I see this all the time, especially this month each year.

  There is a guy in Tennessee who publishes a newsletter called _The 
Moneychanger_.  He is one of those Constitutionalists. He did put himself 
through hell to get acquited of an IRS charge - he is a dealer in gold 
and silver and claimed that he wasn't selling anything, only changing 
denominations of Money, with no profits. He won the federal case; the IRS 
called their buds at the Tenn Dept of Revenue and had him indicted on a 
failure-to-remit-sales-tax charge. He was convicted on that by the Jury 
but he is appealing; meanwhile he only deals with out-of-Tenn people.

Which just goes to show that convictions/acquitals under a jury system 
have a lot of random-walk flavor. Further reference at the OJ Simpson 
newsgroups.