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Thread: Cryptocurrency

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  1. #9
    Quote Originally Posted by Stephen View Post
    If one had been dealing in cryptocurrency in that form's tax year what difference would leaving ti blank make?

    According to theory FRN is taxable because the tax on it is interest paid on a notes of debt that are the FRNs. Once the FRN is converted to Lawful Money by means of non-endorsement statement on a paper check, or statement made on the account's signature card, the deposit is not taxable. Cryptocurrency is also not a debt note. So wouldn't that mean paying taxes on it is no more taxable than Lawful Money is, most especially if a way is found to make sure that proceeds of any sale of it is deposited into a bank account as Lawful Money?
    Concerning leave the question blank, that is a good point/question.
    My question is what are the consequences of leaving the question blank? A person is being asked to inform on themselves followed by signing the jurat under penalty of perjury. Perjury being a criminal offense. Pains and penalties ...
    Perjury being the intentional act of swearing a false oath of falsifying an affirmation concerning matters material to an official proceeding.

    Government has since time immemorial assumed (and exercised) the power to lay imposts, levies, and excises.
    Whether the currency is two-name paper (Federal Reserve Notes) or gold and silver coin is irrelevant in my opinion.
    Last edited by shikamaru; 03-05-21 at 01:06 PM.

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