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Posted on 04/01/2014 3:19:09 PM PDT by Errant
A petition to amend Internal Revenue Service (IRS) Notice 2014-2, the new guidance released on 25th March that announced digital currencies would be treated as property for tax purposes, has been filed on WhiteHouse.gov.
Managed by the presiding presidential administration, the official website of the White House allows for the filing of public petitions on all manner of subjects, from whether Election Day should be a designated holiday to whether Alaska should secede from the US and join Russia.
Petitions that cross a certain threshold of signatures then generally garner a White House response.
Filed on 28th March, the new petition argues that the IRS’s recent ruling on digital currencies is “overly burdensome,” and that by imposing capital gains on all transactions, the policy will hurt innovation in the sector. The positioning is not unlike the one voiced by major industry investors when defending against the prospect of new regulation earlier this year.
(Excerpt) Read more at coindesk.com ...
Ross Ulbricht’s Attorney Cites IRS Guidance in Motion to Dismiss Charges
“Count Four, which alleges money laundering, is defective because it fails to allege sufficiently an essential element of the offense – that Mr. Ulbricht engaged in, or conspired to engage in, “financial transactions” – as Bitcoin, the alleged “payment system that served to facilitate the illegal commerce conducted on the site,” does not constitute either “funds” or a “monetary instrument, either of which is a necessary component of “financial transaction.”
Jump on what? You buy something with Dollars, then sell it later for more Dollars than you paid for it, you’ve made a capital gain. Doesn’t matter if that thing was a classic car, a bar of gold, or a Bitcoin.
Capital gains taxes are Un-American!!
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