On Tue, 13 Nov 2012 22:16:48 -0800, Gunner <gunnera...
>On Wed, 14 Nov 2012 02:43:13 GMT, repo...
>>"Robert Westergrom,1900 Harvey rd.,Wilmington,D.E" <burtonu...@gmail.com>
>>>On Nov 13, 9:53=A0am, "Michael A. Terrell" <mike.terr...@earthlink.net>
>>>> "Robert Westergrom,1900 Harvey rd.,Wilmington,D.E" wrote:
>>>> > Are you saying Obama is dirt poor? He's just like you, right? He can
>>>> > feeeeelll yore pain. Don't worry. Within 3 years even those hated
>>>> > "rich" will be dumpster diving just like the rest of us.
>>>> Except there won't be any dumpsters. =A0The companies who own them=
>>> will be out of business.
>>>Out of business or have fled to another country to avoid Obama's
>>>stifling regulations and crushing taxes.
>>LOL. You rightards lost, America wins. Deal with it. :)
>Snicker...so now the Rich Republicans take their money out of American
>banks and companies and put it to make money in other lands.
They will still be subject to IRS taxes unless they renounce their
A United States-based business, whether located in the United States
or abroad, owned by an American citizen pays taxes on profits earned.
Income earned in foreign currencies is taxed as if that currency were
in dollars by the IRS. Similarly, state and local tax authorities will
demand that you pay taxes in dollars. This can be inordinately
challenging for record-keeping purposes, as you are required to pay
the taxes in dollars as the currency is assessed in terms of dollars
at the moment that you receive the income. This means that any
business that takes income in foreign currency must use meticulous and
detailed accounting methods to avoid running afoul of the law.
Record the foreign currency exchange rate with the dollar in
accounting records whenever these exchanges result in monies earned.
As long as the rate is current with the day you receive the income,
this abides by tax law. A United States-based business, whether
located in the United States or abroad, owned by an American citizen
pays taxes on profits earned.
Any gains earned by a business over a year by holding a foreign
currency that appreciates against the dollar are taxable as gains--not
capital gains--for the period of the year. If the currency is held in
the form of an investment, however, any gains are taxable as capital
gains. Capital gains in stocks and other securities denominated in
another currency besides dollars are taxed at the capital gains rate
as if the security were priced in dollars