For a long time now I have preached that my analysis of the law and regulations leads to a conclusion that the IRS will view income from currency exchange based on our investment as ordinary income. My analysis can be found here: Now I'm going to give you arguments for the other side. (Believe it or not.) I never stopped looking for an appropriate argument to save us on taxes. This may be a good start. I was convinced by another professional to make a submission to the IRS to request to