For an SEC investigation that doesn't exist the attorneys for Josh sure turned over a lot of stuff to the government as part of the subpoena process.
We are now in possession of those documents and have begun sorting through them.
Nice. When you get to the Prime Controller ownership part, can you tell us how many Prime Controllers are shown to be owned by Adam Matlack. He said on GH that he only has one, it would be interesting to know what Josh told the SEC. As well as the rest of the ownership of course, including individuals of... ahem... foreign origin.
https://forum.gethashing.com/t/xpy-paycoin-discussion-teamxpy/1559/1133i'm many pages behind, but i agree, would be interesting to find out. All vs one...me thinks Josh is already using him as scapegoat. Either way the IRS is going to be interested in Adam, given he supposedly paid over 5 times for his controller than he did for his house.
Some time back there was a brief mention of somebody who was supposedly told by his tax preparer that he would have to pay Capital Gains on the ~$20 valuation at the end of 2014 of the Paycoins he had purchased for ~$5, even though he had not sold them. Is there anything to that? If so what kind of tax picture would GAW and the ICO investors be looking at? It seems to me that you would have to sell the coins to be taxed on the gain, but I don't put anything past the criminals who have seized control of this country anymore.
If you're trading commodities - which is theoretically what an alt coin is, I believe that things have to be marked to the market on the last business day of the year - but you could use any exchange closing price on December 31st. And yes, that's going to end up being maybe $17 if it closed at .06 BTC on 31 December.
You'd want a good accountant to deal with that, 'cause it's going to hurt badly - I'm probably looking at capital gains of ~$13 each on 5000 or so loose coins, not to mention 6,000 stakers and the coins embedded therein. Doesn't matter that I sold most all of them for under $1.00 each 6 weeks later - that loss goes on NEXT years taxes. I still have to pay this years...
I'll find out next week once my accountant finishes working on it. (But he's already given me a heads up that I'm going to be seriously upset when I see the numbers. Something about being fucked in the ass - twice, both at the same time.)