Does taxes allocated to value increases of curent inventories such as Golds , Precious Stones and Foreign Currencies ?
example if we deposited Euro 1000 which we bought at the begining of the year for USD 1100 and at the end of the fiscal year the value of this Euro 1000 rises to USD 1300 ; does this increase / the extra USD 200 should be considered taxable ?
2006-07-30 21:15:56 · 3 answers · asked by happy man 1 in Business & Finance ➔ Taxes ➔ United States
THIS CURRENCY IS STILL IN OUR DEPOSIT ACCOUNT . IT IS STILL IN OUR INVENTORY . IT NOT SOLD .
2006-07-30 21:24:34 · update #1
If you are on the accrual method, the gain is taxable now. If on the cash method, it's taxable when realized, i.e. cashed out.
2006-07-30 23:28:29 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
very own innovations, social protection variety, names and handle. earnings statements, innovations on deductible costs, miscellaneous innovations, i.e, economic company, residences and loan closings and factors, disaster innovations and playing innovations besides.
2016-11-03 08:48:54 · answer #2 · answered by ? 4 · 0⤊ 0⤋
yes. it is considered income, just as dividends on stocks or bank interest
2006-07-30 21:19:44 · answer #3 · answered by momoftrl 4 · 0⤊ 0⤋