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Re: e$: The Book-Entry/Certificate Distinction
Income tax, right--but may not this be correct about excise
On Thu, 24 Aug 1995, Michael Froomkin wrote:
> 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 |
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> See (experimentally & erratically) http://viper.law.miami.edu/~mfroomki