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Will we be able use Iqd, after it rv's in Vegas at casinos?

iam2broke

By iam2broke,
in Dinar Rumors

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Carrello Rising Star

Carrello

Posted
Posted

From Google:

Every major casino is happy to exchange your foreign currency. They will of course charge you a fee in the form of a discount from the official exchange rate applicable and for this reason you will get the best deal by using a commercial bank for this kind of banking transaction.

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dinarmite Rookie

dinarmite

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if it was a 1:1, for example, and a casino would cash in your 10,000 dinar note, you would probably be lucky to get $8000. total guess, but they are gonna make money off of that. i still don't think they would do it, though.

Sorry but that makes no sense, they don't give you 8000 dollars when you give them 10,000 dollars...... they make the money when you play, don't play they are not cashing in anything.

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ExecConsult Newbie

ExecConsult

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Hi quick and simple can we go to Vegas and use the casinos to help in the process of converting our iqd into chips then into u.s. bills?

That is NOT a new idea and won't avoid taxation. According to Treasury Regulation 1.988-2 (a )(2 )(ii )(B ) if you went to Vegas and used dinar to purchase chips, the IRS will look at it as though you first exchanged to U.S. dollars and then used the dollars to purchase the chips. The following example in the regulation shows this. (It had a bargain sale component that I removed to keep from confusing people on the issue.)

Example. G is a U.S. corporation with the U.S. dollar as its functional currency. On January 1, 1989, G enters into a contract to purchase a paper manufacturing machine for 10,000,000 British pounds (£) for delivery on January 1, 1991. On January 1, 1991, G exchanges £10,000,000 (which G purchased for $12,000,000) for the machine. On January 1, 1991, the spot exchange rate is £1 = $1.50. Under paragraph (a)(2)(ii)(B ) of this section, the transaction is treated as an exchange of £10,000,000 for $15,000,000 and [then] the purchase of the machine for $15,000,000. Accordingly, in computing G's exchange gain of $3,000,000 on the disposition of the £10,000,000, the amount realized is $15,000,000. G's basis in the machine is $15,000,000.

Put in layman's terms. If you exchange for something, you have created a taxable event.

Best of Blessings,

Mark A. Galloway, Esq.

(see my profile for an abbreviated professional disclaimer)

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SocalDinar Proficient

SocalDinar

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Probably would be a better deal to cash in at the airport... then proceed to WYNNS and have at it in small chunks... wink.gif just kidding smile.gifbiggrin.gifsmile.gif

DO NOT TRY THIS! Pay Your Taxes! They Will Always Catch You! ohmy.gif They will take it all! sad.gif No Good...

The blood sucking agents with another three letter agency IRS will find you and that would not be pretty.

Just pay the MINIMUM LEGAL amount you have to Pay. I'll listen to Adam for some advice after the rV but of course my accountant also.

Anyway if it's true that there is a $3,000 daily limit in Vegas it wont do me any good if it come in at over 12 cents. ( all large notes )

Which Im betting on!!!

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jv1054 Newbie

jv1054

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I will accept your IQD at my Friday night IQD only no limit holdem IQD (as opposed to cash game)game. As far as Vegas goes they will not do that for you. My game is legal because I don't rake. You need 1,000,000 to buy in you get 100,000 in chips (each chip worth 10) This is considered a deep stack and there is a dealer. The blinds are 50/100 no limit. This is NOT a tournament. At the end of the night you can cash in your chips for IQD. We do have players that will give you cash for your IQD. BYOB

Actually I am kidding but it does sound interesting.....not sure there are enough players holding IQD close to me. Home games are legal here in New Jersey as long as no one is raking.

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