From: "Frank O. Trotter, III" <fotiii@crl.com>
Date: Tue, 9 Apr 1996 16:48:29 +0800
To: cypherpunks@toad.com
Subject: Re: Bulletin: Cypherpunks say no taxes owed by moneychangers!
Message-ID: <199604090336.AA03230@mail.crl.com>
MIME-Version: 1.0
Content-Type: text/plain


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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