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re: IRS Targets Former Citizen Because He "Caused A Loss To The IRS"
Posted on 5/3/24 at 2:38 pm to Knartfocker
Posted on 5/3/24 at 2:38 pm to Knartfocker
Not sure it’s straight forward if he purposely withheld distribution of the bitcoins. I pay Japanese taxes when Nintendo pays me a dividend. Not sure I can avoid that without going to jail.
Posted on 5/3/24 at 2:42 pm to C
quote:
Not sure it’s straight forward if he purposely withheld distribution of the bitcoins. I pay Japanese taxes when Nintendo pays me a dividend. Not sure I can avoid that without going to jail.
Yeah he didn't follow the law.
You can bitch and complain about what the law is, but he did not follow it, regardless.
quote:
On Feb. 4, 2014, Ver allegedly obtained citizenship in St. Kitts and Nevis and shortly thereafter renounced his U.S. citizenship in a process known as expatriation. As a result of his expatriation, Ver allegedly was required under U.S. law to file tax returns that reported capital gains from the constructive sale of his world-wide assets, including the bitcoins, and to report the fair market value of his assets. He was also allegedly required to pay a tax – referred to as an “exit tax” – on those capital gains. By Feb. 4, 2014, Ver and his companies allegedly owned approximately 131,000 bitcoins that traded on several large exchanges for around $871 each. MemoryDealers and Agilestar allegedly held approximately 73,000 of those bitcoins.
Ver allegedly hired a law firm to assist him with his expatriation and to prepare his expatriation-related tax returns. Ver also allegedly hired an appraiser to value his two companies. Ver allegedly provided or caused to be provided false or misleading information to the law firm and appraiser that concealed the true number of bitcoins he and his companies owned. As a result, the law firm allegedly prepared and filed false tax returns that substantially undervalued the two companies and their 73,000 bitcoins and did not report that Ver owned any bitcoins personally.
The indictment further alleges that by June 2017, Ver’s two companies continued to own approximately 70,000 bitcoins. Around that time, Ver allegedly took possession of those bitcoins and in November 2017 sold tens of thousands of them on cryptocurrency exchanges for approximately $240 million in cash. Even though Ver was not then a U.S. citizen, he was still legally required to report to the IRS and pay tax on certain distributions such as dividends from MemoryDealers and Agilestar, which were U.S. corporations. Ver allegedly concealed from his accountant that he had received and sold MemoryDealers’ and Agilestar’s bitcoins that year. As a result, Ver’s 2017 individual income tax return did not report any gain or pay any tax related to the distribution of MemoryDealers’ and Agilestar’s bitcoins to him.
Posted on 5/3/24 at 3:02 pm to C
quote:
Not sure it’s straight forward if he purposely withheld distribution of the bitcoins. I pay Japanese taxes when Nintendo pays me a dividend. Not sure I can avoid that without going to jail.
I think the years in question make things a bit more complicated. 2017 was the first year normal people took BTC seriously. It went up to $20k for the first time. At that time, governments really didn't have a way to handle crypto. There really wasn't a way to report it and the skyrocketing price caught everyone off guard. No one, let alone the government, gave a shite about crypto in 2014
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