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Re: e$: The Book-Entry/Certificate Distinction
On Wed, 23 Aug 1995, Alan Penny wrote:
[snip]>
> This also has the interesting feature of avoiding all taxes. Until you
> "cash out" your account you would not have to pay taxes, if you never
> need cash out your account, you never need to pay taxes. I suspect that
> our friendly governments would try to "correct" this "problem" in the
> long run if they can.
>
Nyet. Any time you barter A for B, even electronically, you have a
taxable event. All you have done in the above is describe a system in
which it is harder to detect the taxable event.
A. Michael Froomkin | +1 (305) 284-4285; +1 (305) 284-6506 (fax)
Associate Professor of Law | [email protected]
U. Miami School of Law |
P.O. Box 248087 | It's hot here. And humid.
Coral Gables, FL 33124 USA |
See (experimentally & erratically) http://viper.law.miami.edu/~mfroomki