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Re: e$: The Book-Entry/Certificate Distinction

On Wed, 23 Aug 1995, Alan Penny wrote:
> 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