REMINDER FROM EARLIER POST....REMEMBER YOU
CANNOT CREATE A LAW TO ADDRESS A PAST EVENT i.e. SPEEDING TICKET FOR SPEEDING 3
YEARS AGO WHEN THERE WERE NO SPEED SIGNS POSTED...
ANYTIME YOU
HEAR ABOUT TAXES ON THIS EVENT ASK THEM TO SHOW IT TO YOU.....
THESE PEOPLE
THAT KEEP POSTING THIS C R A P ..... don't have a clue.
FURTHERMORE
..... EVEN IF THEY TRY TO PULL THIS .....
PUT YOUR DOUGH
$$ IN A SPEND THRIFT IRREVOCABLE TRUST AND RIDE IT OUT...
MORE
INFORMATION ON THE SUPPOSED TAX ON THE CURRENCY EXCHANGE
Hi
ALL,
I am so tired of hearing that we are going to get taxed....
It is ALL HOG wash....
I
am letting you and the readers know that as of today, I could not find what a
certain guru is posting about an 11% tax or more on the exchange of
currencies. Ms. Klier from the IRS told me awhile back there is no tax on
currency exchanges.... Her badge number is listed below... Per cabals own
laws we are grandfathered in ..... you cannot create a law for a past event
.... such as a ticket for a speeding offence that was 1 year ago.... This RV
was done months ago and the corporate cabal congress would have had to make a
law.... There are no laws in the books showing so...If you do not believe me
prove me wrong...Put your money direct into a non interest bearing Spendthrift
irrevocable trust and just wait and see...
THOSE
THAT CLAIM THERE IS A 11% TAX FOR THE EXCHANGE OF CURRENCIES....PROVE IT WITH DOCUMENTATION FROM THE IRS....
OR THIS IS JUST MORE BS TO KEEP PEOPLE UPSET AND
CONFUSED...
READ BELOW AND DO YOUR OWN HOME IF YOU DON'T BELIEVE THIS.
Saturday, February 25, 2012
THERE IS NO TAX ON CONVERSIONS OF DINAR TO US DOLLARS. IRS
CLEARLY STATES THIS.
Subject: THERE IS NO TAX
ON CONVERSIONS OF DINAR TO US DOLLARS. IRS CLEARLY STATES THIS.
THIS IS CIRCULATING:
The obsolete
material was drawn from the Tax Almanac at this link:
That information was obsolete. The
last update to the tax almanac was 2005. It is completely wrong even if you
were researching mere capital gains or other currency issues. The Almanac
provides big colored boxes warning that you use it at your own risk and that it
cannot be relied on legally. Original IRS code is updated each year but the
Almanac is no longer updated. Conversion of Dinar into other currencies
does not produce capital gains.
The IRS provided clear information by telephone documented with
the Agent’s ID number within the Special Accounts Division. A prior
explanation was published back in early January but it may not have circulated
adequately. It is updated below in larger font.
Awhile back we have learned that the US Treasury was going
to siphon $1.00 per Dinar off the top. That way the government will
receive real and instant benefit when we convert Dinar to US dollars. We
won’t be aware of it. If we are told the rate is $6.00 (for example) the
real rate was actually $7.00. The extra dollar will be silently deposited into
the US Treasury. No one should feel that the government is being cheated.
RATIONALE FOR NON TAXATION ON DINAR CONVERSIONS
When
you convert Dinar to US dollars, you are not selling anything that brings
taxable capital gain. You aren’t selling a house, or stock, or any of the normal
capital-increasing gains. The IRS read-out below states this, and it makes
sense.
Suppose
that you have a Dinar note pre-RV of 1,000 Dinar. You could simply fly to Iraq
and spend the Dinar there to buy a flat screen TV that costs 1000 Dinar).
Or,
after cashing in here at the (say) $6 dollar rate, you now have $6,000 US
dollars. You could now fly to Iraq with your $6,000. At the airport you
would convert your $6,000 into Dinar so that you could buy a TV there. At
the currency booth they would convert your $6,000 into 1000 Dinar (approx) and
you could then buy the TV for 1000 Dinar. The conversion rate will change
slightly day by day, of course.
At your Dinar cash-in time, (after the RV) you will be merely
converting one currency to another – Dinar converts into US dollars. Assuming
the RV has occurred, the dollars you get when you convert them have the
same value as the Dinar. You won’t get any more or less than exactly the
newly assigned value of the Dinar.
Therefore the IRS states below that no capital gains tax is due when you
cash-in Dinar. Read carefully the IRS findings shown below and verify them for
yourself.
Beware - if you put your US dollars into an interest bearing
bank account (for even one day),
you will gain interest and you will owe tax on the interest gained for each
day. We’re advised to deposit dollars into a non-interest-bearing bank or
credit union account.
Examine this IRS opinion regarding form
8938. The form was designed only to identify people with off-shore bank
accounts or LLCs, or Corporations and get them to report their secret
holdings.
Fortunately, none of the
hype [about form
8938] applies
to private citizens who happen to be holding foreign currency such as the Dinar
or Vietnam Dong. IRS statements regarding Dinar follow:
===-===
I, [xxx,yyy], took the time to call the IRS
[Special Accounts Division]. I spoke to a supervisor named Ms. Theresa
Klier (Employee# 1000349035). She informed me that this form 8938 has been
in existence since June of this year [2011], following attempts by speculators
in recent months to shield themselves from federal tax levies.
This obligation to report income that people derive from foreign
currency accounts [bank accounts in other countries that hold non-US
currencies] didn’t suddenly become law last week.[Reporting on your offshore
accounts has been an IRS requirement for a long time.]
She said that the IRS is targeting a specific group of individuals
who, until now, have been hiding assets with the specific intent of avoiding
taxation by the Treasury Department. Per Ms. Klier, the federal government
requires individuals to complete Form 8938 only
under the following circumstances:
1) If you hold stock issued by a foreign corporation [because stocks eventually may generate capital gains when they are sold and US tax will be due.]
2) If you earn capital or have accrued interest from profits earned through a foreign business partnership
3) If you hold notes, bonds, debentures or other debt instruments issued by a foreign entity
1) If you hold stock issued by a foreign corporation [because stocks eventually may generate capital gains when they are sold and US tax will be due.]
2) If you earn capital or have accrued interest from profits earned through a foreign business partnership
3) If you hold notes, bonds, debentures or other debt instruments issued by a foreign entity
[ because notes
and bonds produce capital gain sooner or later – for which you will owe US
tax.]
4) If you’ve earned interest in a foreign trust or a foreign estate [tax on interest will be due – even in a US bank account.]
5) If you hold options or other derivative instruments with respect to any of the forgoing examples or with respect to any currency or commodity that’s entered into with a foreign counter-party or issuer.
4) If you’ve earned interest in a foreign trust or a foreign estate [tax on interest will be due – even in a US bank account.]
5) If you hold options or other derivative instruments with respect to any of the forgoing examples or with respect to any currency or commodity that’s entered into with a foreign counter-party or issuer.
[For example
Forex Traders who use a computer to buy and sell currencies, are not converting
[Francs] from one currency to another. Forex traders can buy 1000 Swiss Francs
(a real purchase) and then sell them back ten minutes later, hoping to have
made a profit. Tax will be due on that profit. In contrast, Dinar holders
aren’t selling anything when they convert Dinar to US dollars. The US
dollars will be exactly equal to the value of the Dinar – assuming the RV
has been announced.]
***I made a point of asking [IRS Klier] if currency secured through a licensed currency trader [like Dinar Banker] would bring a private citizen under the purview of the laws that Form 8938 is designed to enforce and she said “NO”.
***I made a point of asking [IRS Klier] if currency secured through a licensed currency trader [like Dinar Banker] would bring a private citizen under the purview of the laws that Form 8938 is designed to enforce and she said “NO”.
Other
than the conditions referenced above, Dinar holders are only obliged to turn in
Form 8938 if they purchased the currency directly from a foreign agent or a
foreign bank or agent operating outside of our borders***
===-===
Anyone can call and get
verification as was stated above.
Only in the event that Congress creates a retroactive tax bill, there is currently no tax on currency conversions. If a capital gains tax happens to be announced later, it would not be fully due until April of 2013, but quarterly payments would be demanded throughout the year, and late penalties for missing the quarterly payments are very real.
Only in the event that Congress creates a retroactive tax bill, there is currently no tax on currency conversions. If a capital gains tax happens to be announced later, it would not be fully due until April of 2013, but quarterly payments would be demanded throughout the year, and late penalties for missing the quarterly payments are very real.
Some frightened people may choose to simply pay a flat 15%
to the IRS as a safe action. (go
ahead) GIVE THEM YOUR UNDERWEAR TOO...
· IRS Tax Form 8938
– No Tax On Dinar!!! Really? | What Is Iraqi Dinar
You +1'd this publicly. Undo
Jan 17, 2012 – Subject:
GOOD NEWS: – no direct tax on Dinar or Dong conversions. Have authorities
re-verify this. Friends: When you convert Dinar to US ...
3 comments:
The current tax code regarding anything over $200 in exchange profit is taxable was added in 2013. So in 2102 it did not exist, thus IRS Agent Klier was correct as of Feb. 2012. Author needs to call the same IRS Agent and ask the same question today.
it take one year from the date it was voted on, so you have find out when, for any law to go into affect
Great post John.i posted earlier about the Tony talking crazy stupid shit about tax on the ce.i said in my earlier post he's a dam liar cause there ain't gonna be no irs soon.so thanks for the great post up your ass tony...
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