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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (186920)	12/5/2014 12:16:58 PM
From: Biomaven	1 Recommendation Recommended By Jurgis Bekepuris Respond to of 206326

>> but you have to look at what the code actually says, What I quoted previously was straight out of the IRC Section 988: no gain shall be recognized for purposes of this subtitle by reason of changes in exchange rates after such currency was acquired by such individual and before such disposition. The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200. What was the date of the Tax Court ruling you cite? The law changed when Section 988 came into effect. You still need some taxable event to make any gains taxable - that would happen if you converted the currency back into dollars. You could presumably just spend it though - I don't think that would trigger any tax. Peter