Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (2827)	4/5/2001 1:52:37 PM
From: Stock Farmer	Respond to of 74559

Jay - no answer, but cross posted to the tax thread... Message 15620525 Let's see what response that nets us John.

To: TobagoJack who wrote (2827)	4/5/2001 2:10:09 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 74559

Jay: I do not believe gold coins are legal tender in the US. Legal tender is limited to cash and demand deposits.

To: TobagoJack who wrote (2827)	4/5/2001 10:44:12 PM
From: Monty Lenard	Read Replies (1) \| Respond to of 74559

That is an easy one Jay. He would report the actual value. Same as if you paid a bill with hand grenades. He would report the FMV of the hand grenades as income. Your cost or expense would be the same price. Or better yet...an example would be if you gave him 1000 shares of CSCO when CSCO was trading at 14 per share. His reportable income would be 14,000 and your expense would be 14,000 unless you had a higher or lower basis in the stock. In that case you could end up having a gain or loss on the exchange but his income would not change. Monty