mauser

What I read here is "income earned from foreign currency transactions" are to be treated as ordinary income. Income viewed outside of any gain or loss due to exchange rate changes between US dollar and foreign curreny I read as a capital gain or loss. Section 988What Does Section 988 Mean? A financial transaction involving a capital loss or gain on an investment held in a foreign currency. A Section 988 transaction relates to IRS Section 988, which was applied to all tax years after December 31, 1986. Per IRS rules, most gains from foreign currency transactions are to be treated as ordinary income, whether earned by an individual or a corporation. Gains and losses from these transactions are typically viewed outside of any gain or loss due to exchange rate changes between the U.S. dollar and the foreign currency. 988 Transactions include those surrounding holders of foreign bonds (who will receive interest and principle in a domestically "nonfunctional" currency), foreign currency futures or other derivatives, as well as accrued expenses or receipts in a foreign currency.

I usually go onto ADVFN.com to check the FOREX and IQD. The Iraqi Dinar does not show up on their currency board, or under "more Currencies Avail." but you could type in IQD and get the currency worth. Tuesday evening I could type in IQD and get a rate (.000852), last night and today it is not allowing me to do this?! This does not make sense unless I B doing something wrong... possibility on my part... There is no problem with XE.com converter.... shows up on their "more currencies avail."

Might be something to this... especially the part about the 25th... back in late 2007 or early 2008.,.. someone did research on the dates and number of time the Iraqis changed the value of their currency... they posted about a dozen dates.... with the exception of the 2003 war and one other date... all changes came on the last working Thursday of the month... IF, Thursday was a holiday then the change was on the Wednesday... still comes out to the last working day of the month... Just an observation from past posts... If I remember correctly iw was posted on an old site: Dinarrumors.com Anyway, it was posted.

NOW THAT'S FUNNY.... I DON'T CARE WHO YOU ARE!!!

One of these day medick will be correct... he has been saying this since last Sept. or Oct... next week, tomorrow, next month from a source that is trust worthy etc, etc, etc... give it a rest... it will happen when it happens.

I believe this is old news... cbi had this out in 2008... or one like it...

It would be nice... but then again.. medic has been saying it going to rv since last Sept.. big time.... one of these days he has to be correct...

The four ME countries associated with the GCC, their currencies are all around $3.50 to one (a rough average)... so the outlook if Iraq joins??? Sounds like good news to me.....

Thanks for the info on FL Bank... I will have to see if they have one in this county... can not remember seeing one, but, I haven't been looking either...

Spoke with a Wachovia Manager today at 1500 about IQD. (SW Florida) She had no knowledge at all about the dinar. I asked about cashing in X amount of dinar when it RV's. She then printed out two pages containing the ONLY Currencies Wachovia/Wells Fargo banks cash in. This is taken from the two pages. *Use the rate and from contained within this letter when BUYING/EXCHANGING FOREIGN CURRENCY. Use the applicable FUNMail letter: >Sell Foreign Cas/Trav Cheques when selling/ordering foreign currency or Travelers Cheques. Wells Fargo Buys Fgn Check when buying/exchanging foreign travelers Cheques. Follow the same policies procedures for buying/exchanging a foreign check. *************************************************************************** A) Record the applicable rate. Press .. to proceed through this letter and complet the foreign Currency. Incomplete forms will be returned without fulfillment. If you7 do NOT receive a FUNMail confirmation receipt within 48 hours after the package was mailed, please contact the IFC Dept @ ***-***-**** Use the rates and form listed below ONLY when BUYING/EXCHANGING Foreign currency for a customer. Currency Description Rate Min. Denomination Code AUD Australian Dollars .8780 5 CAD Canadian Dollars .945180 5 CHF Swill Francs .883310 10 DKK Danish Kroner .170070 50 EUR Eurpean Union 1.2632 5 GBP Pound Sterling 1.4431 5 HKD Hong Kong Dollar .122690 10 JPY Japanese Yen .01023120 1000 MXN Mexican Peso CALL 20 NIP Northern Irish Pound 1.4431 5 NOK Norwgian Kroner .158770 50 NZD New Zealand Dollars .6664 5 SCP Scotland Pound 1.4431 5 SEK Swedish Kroner .130480 SGD Singapore Dollars .681480 END THESE ARE THE ONLY CURRENCIES THEY WILL ACCEPT.. Did I miss something over this past two years about Wachovia/Wells Fargo going to be cashing in IQD for us??? I even asked her about the other 100 plus countries in the world... the answer was NO... that these are the only currencies they are authorized to cash in. I would have to go some place else...

The % is yearly rate...

You will have to do some checking on this link..

Not if you declare overseas accounts on your taxes... There are a couple of offshore accounts paying 8% for 500,000 or more, and 10% over a mil... already checked ...

And this is just the beginning!!!!!

Call back to Iraq today and talked to WP... he said the woman only stated Iraqis were looking at very shortly after Allawi was elected or a longer haul if Maliki was elected... no specific date... Sorry.... I would hope it would be within a week of Allawi being sworn in.. JMO.. and the sooner the better....

Man.... this just might be what will happen here in the US come November... What a thought!!!

Someone posted they found information that Allawi's brother or some relative had used ?? 10,000,000.00 USD to by dinar instead of using it for what the monies were intended for... this might be the reason if the info was correct... Just a thought...

I sure hope the woman was right about RV after Allawi wins... we will see...

The only info is second hand... WP had stated the woman thought it would be very soon after (if) Alawi was elected... and longer if Maliki was elected. Everyone has brought up good points about seating all the members of their congress , getting together, no assassinations, etc. etc... I was just glad the info was either way it will happen... Hopefully sooner than later... I will try and talk to WP myself and get what was said from the horses mouth... It's 4am their time so will have to wait til tmr... I will get back with any additional info and to verify the rumor... as it were...

Don't shoot the messenger... I'm just passing on what I was told.... I spoke with a good friend I worked with for two years in Iraq this a.m. We talk every 3 - 4 days on what is going on. One of the employees returning from R&R yesterday (WP) had a conversation with a woman at JBB regarding the dinar. Her husband is an Iraqi.... she stated if Alawi is elected the RV would be now... If Maliki is elected the RV would be delayed, but, the dinar will still RV. That was the word I have... I have been vested in the dinar for almost three years and WP and JM have been holding dinar for more than 5 years and ready to get home... If the info is true< I sure hope Alawi is elected!.... until it happens... it's a rumor...

Now their talking... it's about time States started standing up for what is right and to protect those rights....

Thank you ChiefV... I worked with the mayor's cell for two years 07-09 in NE Iraq.... and I also know you can get great info from the terps and locals that are hired from the mil.... keep up the good work, stay off the skyline and keep them in the X-ring... Semper Fi... or whooooyaaaaa....

Even if the IMF does the RV... we still won't be able to cash in until the UN lifts CH VII.... (no one can play with a country covered by sanctions and their currency isn't recognized) and the UNSC isn't meeting until mid JUNE .... Can't see them changing the dates for this meeting just because it's IRAQ.... JMO

I believe the rate is 1 Euro = $1.36139

JUNE..... after the UNSC meeting...