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OUT OF MIND » THE INSANITY OF REALITY » GLOBAL FINANCIAL COLLAPSE » Thursday, September 6, 2012 NO TAX ON DINARS EXCHANGES PER IRS

Thursday, September 6, 2012 NO TAX ON DINARS EXCHANGES PER IRS

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PurpleSkyz

PurpleSkyz
Admin
Though the original date of this is February I thought some might find it interesting.





Thursday, September 6, 2012
NO TAX ON DINARS EXCHANGES PER IRS
Saturday, February 25, 2012

THERE IS NO TAX ON CONVERSIONS OF DINAR TO US DOLLARS. IRS CLEARLY STATES THIS.

Subject: THERE IS NO TAX ON CONVERSIONS OF DINAR TO US DOLLARS. IRS
CLEARLY STATES THIS.

THIS IS CIRCULATING:

A false statement about Dinar taxation was circulated earlier today.
The obsolete material was drawn from the Tax Almanac at this LINK

That information was obsolete. The last update to the tax almanac was
2005. It is completely wrong even if you were researching mere capital
gains or other currency issues. The Almanac provides big colored boxes
warning that you use it at your own risk and that it cannot be relied
on legally.

Original IRS code is updated each year but the Almanac is no longer
updated. Conversion of Dinar into other currencies does not produce
capital gains.

The IRS provided clear information by telephone documented with the
Agent’s ID number within the Special Accounts Division.

A prior explanation was published back in early January but it may not
have circulated adequately. It is updated below in larger font.
(SORRY not in larger font)

Recently we have learned that the US Treasury will siphon $1.00 per
Dinar off the top. That way the government will receive real and
instant benefit when we convert Dinar to US dollars.

We won’t be aware of it. If we are told the rate is $6.00 (for
example) the real rate was actually $7.00. The extra dollar will be
silently deposited into the US Treasury. No one should feel that the
government is being cheated.

RATIONALE FOR NON TAXATION ON DINAR CONVERSIONS

When you convert Dinar to US dollars, you are not selling anything
that brings taxable capital gain. You aren’t selling a house, or
stock, or any of the normal capital-increasing gains. The IRS read-out
below states this, and it makes sense.

Suppose that you have a Dinar note pre-RV of 1,000 Dinar. You could
simply fly to Iraq and spend the Dinar there to buy a flat screen TV
that costs 1000 Dinar).

Or, after cashing in here at the (say) $6 dollar rate, you now have
$6,000 US dollars. You could now fly to Iraq with your $6,000. At the
airport you would convert your $6,000 into Dinar so that you could buy
a TV there. At the currency booth they would convert your $6,000 into
1000 Dinar (approx) and you could then buy the TV for 1000 Dinar. The
conversion rate will change slightly day by day, of course.

At your Dinar cash-in time, (after the RV) you will be merely
converting one currency to another – Dinar converts into US dollars.
Assuming the RV has occurred, the dollars you get when you convert
them have the same value as the Dinar. You won’t get any more or less
than exactly the newly assigned value of the Dinar.

Therefore the IRS states below that no capital gains tax is due when
you cash-in Dinar. Read carefully the IRS findings shown below and
verify them for yourself.

Beware - if you put your US dollars into an interest bearing bank
account (for even one day), you will gain interest and you will owe
tax on the interest gained for each day. We’re advised to deposit
dollars into a non-interest-bearing bank or credit union account.

Examine this IRS opinion regarding form 8938. The form was designed
only to identify people with off-shore bank accounts or LLCs, or
Corporations and get them to report their secret holdings.

Fortunately, none of the hype [about form 8938] applies to private
citizens who happen to be holding foreign currency such as the Dinar
or Vietnam Dong.

IRS statements regarding Dinar follow:
===-===

I, [xxx,yyy], took the time to call the IRS [Special Accounts Division].

I spoke to a supervisor named Ms. Theresa Klier (Employee# 1000349035).

She informed me that this form 8938 has been in existence since June
of this year [2011], following attempts by speculators in recent
months to shield themselves from federal tax levies.

This obligation to report income that people derive from foreign
currency accounts [bank accounts in other countries that hold non-US
currencies] didn’t suddenly become law last week.

[Reporting on your offshore accounts has been an IRS requirement for a
long time.]

She said that the IRS is targeting a specific group of individuals
who, until now, have been hiding assets with the specific intent of
avoiding taxation by the Treasury Department. Per Ms. Klier, the
federal government requires individuals to complete Form 8938 only
under the following circumstances:

1) If you hold stock issued by a foreign corporation [because stocks
eventually may generate capital gains when they are sold and US tax
will be due.]

2) If you earn capital or have accrued interest from profits earned
through a foreign business partnership

3) If you hold notes, bonds, debentures or other debt instruments
issued by a foreign entity

[ because notes and bonds produce capital gain sooner or later – for
which you will owe US tax.]

4) If you’ve earned interest in a foreign trust or a foreign estate
[tax on interest will be due – even in a US bank account.]

5) If you hold options or other derivative instruments with respect to
any of the forgoing examples or with respect to any currency or
commodity that’s entered into with a foreign counter-party or issuer.

[For example Forex Traders who use a computer to buy and sell
currencies, are not converting [Francs] from one currency to another.
Forex traders can buy 1000 Swiss Francs (a real purchase) and then
sell them back ten minutes later, hoping to have made a profit. Tax
will be due on that profit.

In contrast, Dinar holders aren’t selling anything when they convert
Dinar to US dollars. The US dollars will be exactly equal to the value
of the Dinar – assuming the RV has been announced.]

***I made a point of asking [IRS Klier] if currency secured through a
licensed currency trader [like Dinar ******] would bring a private
citizen under the purview of the laws that Form 8938 is designed to
enforce and she said “NO”.

Other than the conditions referenced above, Dinar holders are only
obliged to turn in Form 8938 if they purchased the currency directly
from a foreign agent or a foreign bank or agent operating outside of
our borders***

===-===

Anyone can call and get verification as was stated above.

Only in the event that Congress creates a retroactive tax bill, there
is currently no tax on currency conversions. If a capital gains tax
happens to be announced later, it would not be fully due until April
of 2013, but quarterly payments would be demanded throughout the year,
and late penalties for missing the quarterly payments are very real.

Some frightened people may choose to simply pay a flat 15% to the IRS
as a safe action. (go ahead)

Why would they do that? Because of the fearful rumors listed here:

- many banks can and do close for reasons of illiquidity or bankruptcy, and

- the FDIC did not recover client funds when MF Global bank went down
in December 2011, and

- martial law may possibly be declared in 2012, and

- the dollar is going down in value (faster and faster), and

- high tax increases are coming as healthcare hollows out middle-class
savings, and

- the price of gasoline may double, eating away at savings needed for
inflated property tax and/or rent fees, and

- ATM machines would stop working if a dreaded bank holiday is ordered, and

- gas pumps cannot accept credit cards when banks fail (requiring US
dollar cash only), and

- banks or government edicts may ration your access to your funds (as
in France), and

- wealthy people may be forced to pay much extra tax so that it can be
distributed to pay the free health care that illegal aliens are to be
given, and

- government committees will have direct access to all bank accounts
to withdraw whatever they think you are able to pay to support welfare
programs - the wealthy (us) should pay more, we hear, and

- A new gold or metals-backed US currency of unknown value may replace
current greenback dollars soon, and

- The US dollar may soon be devalued by 40% leaving little with which
to pay future taxes,

so the fearful may consider paying extra now.

If 2012 goes smoothly, any excess paid into the IRS will come back to
you in 2013. It would be sitting there in your IRS account as a credit
against future taxes in future years if you pay it now before the
value of the dollar falls further.

Seek verification in writing that the five points above are trustworthy.

Two separate people on two separate occasions obtained the points
above. Blue brackets above are my clarifying inserts.

Please try to understand:

When you converted US dollars into Dinar (at purchase time) you paid
exactly how many dollars the Dinar was worth at that time. And,

When you someday convert your Dinar back into US dollars, you will
receive dollars exactly equal to what the Dinar is then worth.

Either currency could have bought a car in Iraq – before the RV or after the RV.

Whether you are holding US dollars in your hand or Dinar, today’s
value tables determine that you should have more of one than the other
so that they are exactly equal in value – both in Iraq and the US –
both before and after the RV.


Posted by John MacHaffie at 10:14 AM

Thanks to: http://nesaranews.blogspot.com



  

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