this is going to be fun. to say the least.
do you know what happens to those who manage unlicensed securities in the US?
vegas, youre about to find out considering you have "investors" in FLY.
BIG mistake.
IRS has defined Bitcoin and similar coins as property. So the ROS to Fly exchange wasdo you know what happens to those who manage unlicensed securities in the US?
vegas, youre about to find out considering you have "investors" in FLY.
BIG mistake.
property exchange not, securites sold (I will give you 1 Mickey Mantle card for 2 Roberto Clemente cards).
Vegas sold his own FLY to Private buyers (he can sell his baseball cards) again, property not securities.
Since he has income and expenses - orig. cost of ROS, cost of graphics, coders, etc., he will need
to talk to his accountant on how much tax loss he can claim.
Property trading invokes a Barter system.
Barter is taxable in da US of Ripoff, where Vegas resides.
https://www.irs.gov/uac/Bartering-Income-The-Value-of-Property-or-Services-You-Receive
Every fly received in superfly would be taxable to Vegas, and since ya require members to make some effort to be on da team, it can not be claimed as charity, but will be deemed payment for required efforts , even when giving out from da wallet.
And if da superfly wallet classifieds him as an exchange, dem he is already in da hole.
Barter exchanges. A barter exchange is an organized marketplace where members barter products or services. Some operate out of an office and others over the Internet. All barter exchanges are required to issue Form 1099-B, Proceeds from Broker and Barter Exchange Transactions. Exchanges must give a copy of the form to its members who barter each year. They must also file a copy with the IRS.
Just Sayin,
AG18
