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The Internal Revenue Service (“IRS”) last year issued a notice addressing the tax treatment of Bitcoin. It chose to treat bitcoin as “property” rather than “currency” for tax purposes. In this backgrounder we will look at the classification options the IRS considered, what it chose to do in its notice of March 2014, and why.Now that you can invest hugely on Power-Miner Startup Lab (www.power-miner.store) where you can get daily profit off your bitcoin investments for as long as 6 months through mining and daily trading, then life is getting better for Bitcoin investors now. Thanks to the world cryptocurrency leaders for bringing in other options of earning cryptocurrencyDifficult ChoicesThe IRS had several options to consider in providing a framework for the taxation of bitcoin and bitcoin transactions. It is clear that bitcoin is an intangible property. The specific type of property, however, is elusive. Possible tax categories for bitcoin include taxing it as personal property, a commodity, a currency, a security or a debt instrument. Bitcoin has qualities resembling all of these property forms, yet it does not neatly fit any of them. Irrespective of the difficulty of finding a good match, bitcoin’s classification has had and will continue to have significant tax consequences.For example, had the IRS treated bitcoin as a currency, special tax rules would have applied to its use and ownership. Unlike most assets, the gain or loss from a sale of bitcoin, or its use in an exchange, would generally be taxed as ordinary income, and be ineligible for capital gain treatment.[1] This would mirror our normal interaction with dollars or other fiat currencies; if you get paid in dollars it doesn’t matter that the price of dollars against rubles or euros changes before you spend it. The value of the dollar may be rising internationally, but you are not taxed on that return like a normal investment.Treatment as currency would have also qualified personal bitcoin use for an exclusion from the recognition of gain or loss in ‘small’ transactions.[2] To illustrate, say you bought one bitcoin when the price was at $100 and then used a fraction of that bitcoin to buy a cup of coffee months later when the price was at $200. Treatment as currency would excuse you from calculating the profit you made by buying the bitcoin low and selling some of it at a high (for your coffee). This exclusion could make the currency option attractive to many bitcoin users because reducing the transaction cost inherent in calculating every gain or loss may facilitate the use of bitcoin as a viable medium of exchange for commerce.Other property-type categories each present idiosyncratic tax treatments that emerged over the years as the use of the targeted asset type (e.g. stocks, commodities, or debt instruments) matured. For example, the concept of a stock as a share of ownership in a company is relatively easy to grasp and early tax rules were also easy to grasp and apply. But as the securities market matured, and stocks became complex, complex tax rules grew to meet the challenge. Today, differing tax treatment is applied to equity options, calls and puts, derivatives, LEAPS, index futures and other forms of stock and stock-based transactions. Again, fitting bitcoin into this multi-faceted structure, similar to its treatment as a currency, is difficult.The IRS has been curiously silent on the taxation of virtual currencies for decades. This is so, despite the IRS Taxpayer Advocate, and more recently, the Government Accountability Office, calling upon the IRS to issue administrative guidance to taxpayers who desire a degree of certainty for tax reporting of their virtual currency transactions.[3] Virtual currencies are not a new phenomenon.[4] However, the emergence of bitcoin presented potential broad economic impact, and the IRS responded by the issuance of IRS Notice 2014-21 in March of 2014.[5]What the Notice SpecifiedThe Notice provides three basic principles. First, it globally classifies bitcoin as property for U.S. federal tax purposes. Second, it states bitcoin is not ‘currency’ that generates foreign currency gain or loss for U.S. federal tax purposes. Finally, it declares that ‘mining’ income is to be recognized for tax purposes when the miner receives the bitcoin at its then fair market value.In effect, the IRS left many options on the table by releasing guidance to the taxpayer that provided a broad and generic classification of bitcoin (“property”) and excluded but a single subcategory, currency. Moreover, only a single unique activity in the virtual currency arena, that of bitcoin mining, is specifically addressed.Notice 2014-21 does offer some concrete specifics, however. It expressly applies to only “virtual currencies” which have an “equivalent value in real currency, or acts as a substitute for real currency.”[6] Sixteen questions are posed and answered by the IRS, most of which flow from the answer to the first question posed which states, in part, that “[f]or federal tax purposes, [convertible] virtual currency is treated as property,”[7] reportable in its equivalent value in U.S. dollars.[8]As mentioned, the Notice does not classify what kind of “property” bitcoin is, other than specifically stating that it is not “currency.” It requires that bitcoin used in an exchange for goods and services be valued at fair market value when received.[9] This value thereafter constitutes thebasis of the bitcoin received.[10] Taxable gains and losses from that basis are recognized in the exchange and the type of gain or loss, capital or ordinary, depends upon whether the bitcoin was held for investment, as inventory, used in a trade or business or held for personal reasons.[11]Bitcoin received for services by employees are wages for both U.S. income and employment tax purposes, reportable as such by both employer and employee at fair market value.[12] Likewise, bitcoin received by independent contractors constitutes self-employment income to be reported and taxed as such.[13]Traditional U.S. tax reporting requirements apply to bitcoin payments as are applicable to any other transaction involving property.[14] As well, “backup withholding”[15] and reporting by third party settlement organizations[16] are mandatory as if the bitcoin were U.S. currency.In addition to treating bitcoin as property, two other principals were addressed in Notice 2014-21. Both areas were unique to virtual currencies. The first states that virtual currencies are notcurrency as might give rise to foreign currency gain or loss. [17] Among other things, this means that bitcoin is not eligible for the personal use exemptions to capital gains taxes on small transactions, as described earlier in the coffee example. The notice also specified that income from virtual currency mining for tax purposes is to be recognized when the miner receives the reward from the mining efforts and not upon a later sale of the currency. [18] In other words, you owe income taxes on the bitcoins you mine for the tax year in which you mined them, not for any future year when choose to sell or spend them.The Challenges of Building a Tax Framework for BitcoinThe U.S. federal tax framework for bitcoin and other virtual currencies remains confusing and largely undefined. As frustrating as this may be, it is not hard to understand why this is so. The IRS, like those holding bitcoins themselves, are participants in the emergence of one of the most novel and potentially far-reaching technologies of the 21st century.Historically, a cautious approach to the taxation of new intangible assets by the IRS is typical. Software technologies are dynamic, and their development, categorization, use and transfer permit only “best guess” tax treatment until a level of technological maturity is reached. For example, the tax principles initially applied to mainframe software were challenged by the emergence of the personal computer. They were challenged once again as the internet emerged.Difficulties also arise as U.S. income taxes are assessed annually. Yearly cut-off dates are difficult to apply to developing technologies.[19] The IRS, and taxpayers, often cannot report technology-based assets and transactions with certainty. Indeed, what the asset is may itself be elusive.Bitcoin is an excellent example. It has already morphed from the transactional medium of exchange envisioned by its inventor into a variety of uses: a system of stored value, an asset identification and management tool, a tokenized instrument of title, a key for the encryption, authentication or escrow of other assets, and more. Bitcoin as only a currency is no longer reality. And the technology is still in its infancy. No wonder the IRS is taking a cautious approach.A cautious regulatory approach is prudent for reasons other than how dynamic the technology is. Hastily drafted rules may stifle innovation or, even worse, chase technological development from U.S. shores to thrive in unfriendly jurisdictions. The wait-and-see tax attitude is indeed confusing to taxpayers, but not without foundation.Finally, as virtual currencies need not respect political boundaries, the harmonization of a regulatory environment with other jurisdictions is a necessary consideration. Tax and other policies must consider global impact and circumstance, and the efforts by multiple jurisdictions must be harmonized, a process that involves significant time and effort.The tax treatment of bitcoin will likely follow a cautious approach for some time. This will be frustrating to taxpayers at best, but that caution is warranted.Bob Derber is a corporate tax attorney at Summit Legal Group, previously he was general counsel at the gaming software pioneer Maxis.

Yes, many professional short term rental managers successfully distribute and book their inventory on Airbnb.Traditional vacation rental managers (think local businesses in a destination market like Destin, FL or Aspen, CO) have tended not to adopt Airbnb fully for various reasons like payment policies not aligning with the manager’s typical payment procedures (Airbnb is the merchant of record and payment processor on their bookings and thus controls the funds and resulting booking process). Anecdotally, most of the traditional vacation rental managers I work with report a supermajority of bookings deriving from Homeaway, which has historically provided at least their larger property manager customers with volume discounts and other benefits, both directly and by way of algorithm tweaks that indirectly lead to the favoring of managers’ listings over those of individuals. But as consumer preferences change (i.e. the travelers themselves), we should see more traditional vacation rental managers distribute on Airbnb and alter their policies to align with the site’s payment and cancellation policies. In fact, Airbnb maintains a presence at industry events such as meetings of the Vacation Rental Management Association and similar, and are actively recruiting management companies in traditional markets to distribute on their platform. The two are co-evolving with Airbnb adjusting some policies and providing APIs to support vacation rental managers.There is another class of management companies deemed “Airbnb ecosystem companies” that were built on top of and as a result of the Airbnb platform. These companies range from full service managers entirely optimized to drive bookings and provide hospitality to guests through Airbnb to singular service providers focused on delivering superior pricing, booking, cleaning, or maintenance services. Given their foundations and integration with Airbnb, they are uniquely positioned to benefit from the continued growth of the platform.Lastly, Airbnb itself is now a professional management provider. With little fanfare, Airbnb rolled out “Sonoma Select” earlier this year, one of many experimental business lines the juggernaut has explored in recent years. This has tremendous implications for the company overall, traditional managers, Airbnb ecosystem companies, and hotels.

This is going to be a long ride, so buckle up.None.Think about this, black powder cannons can be purchased without a background check because under Federal Law they are antiques.12-pounder Mountain Howitzer, Model of 1835U.S. Parrott Rifle 3.67 (20-Pounder)U.S. Model 1841 Field Howitzer 24-pounderNow people want to complain that an AR-15 is a “weapon of war” “a weapon of mass death” or whatever nonsense phrase gets touted by the Huffington Post and Vox.The AR-15 is not, and never was used by any military.The Model 1841 24 pounder, definitely was.Here's a test, take that 24 pounder, load it with a double load of grape or cannister, chain-shot, or bar-shot.I guarantee you will decide that the AR-15 has nothing on a 180 year old cannon.As I have stated in other answers, the Department of Defense (mainly the U.S. Army Marksmanship Unit) is required by Federal Law to train citizens.Small Arms Firing Schools - Civilian Marksmanship Program“The Department of Defense first conducted the Small Arms Firing Schools (SAFS) as part of the National Matches at Camp Perry in 1918. Federal law continues to require the annual conduct of Small Arms Firing Schools.”Until 1996 the CMP fell under rhe Department of the Army.Now here's the thing, the Assault Weapons Ban was passed in 1994.So 2 years later, the same legislative body that passed the AWB, created a Federally Chartered 501(c)(3) non-profit.Listed for sale by the Federal Government are the following:M1 Garand - Civilian Marksmanship ProgramM1903/M1903A3 - Civilian Marksmanship ProgramM1917 Enfield - Civilian Marksmanship ProgramAll chambered in .30–06, which generates 3 times the kinetic energy of the 5.56x45.All with bayonet lugs, a feature banned by the AWB.Now a cynical person might think the Government was trying to rid itself of competition in the small-arms market.The US is raking in millions by selling World War II-era rifles to civilians“Looking backward nine years from 2017, the GAO reports that the government-chartered CMP has brought in $323 million in revenue. About 61% of those earnings comes from selling M1 rifles, many of which were used in World War II and the Korean War.”Now a cynical person might also ask, why when the AWB was passed, did Nancy Pelosi, Diane Feinstein, Carolyn McCarty, and Chuck Schumer not disband these programs? Instead they voted to continue and expand them.I mean, a law since 1918 requires the Department of Defense to train citizens with weapons of war, where was the outrage?Where was the concern for rhe children?There wasn't any because Uncle Sam was making money.The BATFE has a registry of Suppressors, Short-barreled rifles (SBR's) and Automatic Machine Guns.Here's some information from the Inspector General's Report:NFA database seriously flawed“When I conduct an NFA inventory reconciliation, I start knowing that the NFA register will be incomplete or inaccurate.”“Going into an inspection knowing that almost certainly there will be discrepancies, affects your confidence level initially.”“It create a problem in that the FFL becomes frustrated that our records are incorrect, thus making ATF look bad from the onset. Yet ATF expects perfection from FFLs.”“The FFL records appear to be more accurate than the information contained within ATF’s records.”“In one instance, I received an NFRTR inventory report with more than 60 errors on behalf of the NFA branch.”“I basically have to depend more on the FFL’s inventory records than on the NFA Branch.”"It creates embarrassment to the agency and the IOI because we are always wrong."Now this attorney makes a real interesting point in closing:“Mind you, felony prosecutions are undertaken relying on the NFRTR to establish that a gun is not registered, and with evidence consisting of an affidavit from the custodian of records for the NFRTR certifying that no record of registration could be found. This sounds like Brady material to me.... and it's ten years old.UPDATE: Brady material is -- well, it's named for a Supreme Court case, Brady v. Maryland, that held it violates due process to convict a person while hiding evidence that that tended to suggest their innocence, or "exculpatory material."Now for other legal stuff.Registration | Giffords Law Center to Prevent Gun Violence“Six states and the District of Columbia require registration of some or all firearms.”That's it 6, out of 50. Here is why this becomes important.Criminals cannot be arrested for possession of an unregistered firearm.Haynes v. United States, 390 U.S. 85 (1968)“A proper claim of the privilege against self-incrimination provides a full defense to prosecutions either for failure to register under § 5841 or for possession of an unregistered firearm under § 5851. Pp. 390 U. S. 95-100.”The State of Massachusetts has the highest rate of crime in New England:Massachusetts Arguably Most Dangerous State in Northeast - GOAL.ORG“The Gun Owners’ Action League (GOAL) last week put out a release providing factual evidence from the 2017 FBI Crime Report supporting GOAL’s belief that Massachusetts’ gun laws are far from a success. In fact, the FBI Report shows that our 2nd Amendment-civil-rights-friendly neighbors to the north are far safer from gun violence than people in the Commonwealth. The FBI report in fact shows that Massachusetts has the highest “violent crime” rate in the northeastern United States.”Now here some some interesting articles from Massachusetts:#MACourtFails Archive | March & April 2019 - GOAL.ORG“40 criminal arrests.Over 40 #MACourtFails criminal charges in Boston courts and he was still out, armed, and shooting at BPD officers. Once again, where is the public safety concern displayed by #MALeg during ERPO and which new law would have stopped this? Link to story”“Armed #MACourtFails felon with over 60 criminal charges terrorizes neighborhood – causes Springfield lockdown.Another armed #MACourtFails felon caused an entire neighborhood to lockdown. This one assaulted 6 people in a matter of minutes. Why was he out and where’s the concern for public safety displayed during ERPO? Link to story . Also note, he was in court in October for punching a woman in the ear with so much force that it ruptured her eardrum.”“Worcester man arrested two times in just over two years for downtown shootingsThis #MACourtFails felon was arrested 10/29/16 for Downtown Worcester shooting arrested for same thing just over two years later, this time with gun w/defaced serial number. Once again, where’s the concern for public safety displayed by #MALeg during ERPO? Link to story”“#MACourtFails felon with outstanding warrant arrested with Glock (loaded 22 round mag) & 1.8K pills.Note, #MALeg continues to push mag limit restrictions on ppl who follow law “because public safety”. Link to story”Now I can quite literally quote hundreds of these, but you get the idea.Oh and here's the District Attorney for Boston:Fifteen crimes Rachael Rollins wouldn’t pursue as DA“ Trespassing•   Shoplifting (including offenses that are essentially shoplifting but charged as larceny)•   Larceny under $250•   Disorderly conduct•   Disturbing the peace•   Receiving stolen property•   Minor driving offenses, including operating with a suspended or revoked license•   Breaking and entering — where it is into a vacant property or where it is for the purpose of sleeping or seeking refuge from the cold and there is no actual damage to property•   Wanton or malicious destruction of property•   Threats — excluding domestic violence•   Minor in possession of alcohol•   Drug possession•   Drug possession with intent to distribute•   A standalone resisting arrest charge — i.e., cases where a person is charged with resisting arrest and that is the only charge•   A resisting arrest charge combined with only charges that all fall under the list of charges to decline to prosecute, e.g. resisting arrest charge combined only with a trespassing chargeIt's not much different on the Federal side either:Hazleton Woman Sentenced To Probation For Firearms Offense“According to United States Attorney David J. Freed, Jasmine Wing purchased six firearms while making false representations that she was the actual buyer, when in fact her father, Theodore Wing, and his co-conspirators selected, paid for, and took possession of the firearms.”Federal Law is 10 years per offense, instead we have probation.Straw purchaser with 4 felony gun charges will not get jail timeNRA-ILA | Woman Who Illegally Bought Gun Used to Shoot Cop Sentenced to One Year of ProbationBarre woman gets probation for weapons offensesNow you think this is bad, it gets worse.From the Government Accountability Office (GAO):Law Enforcement: Few Individuals Denied Firearms Purchases Are Prosecuted and ATF Should Assess Use of Warning Notices in Lieu of Prosecutions“In fiscal 2017, the Bureau of Alcohol, Tobacco, Firearms and Explosives referred about 12,700 denied purchases to its field divisions for investigation. As of June 2018, U.S. Attorney’s Offices prosecuted 12 of these cases.”1 out of 10,000. Aren't those nice odds?It gets even better.Biden to NRA: We ‘don’t have the time’ to prosecute gun buyers who lie on background checks“Jim Baker, the NRA representative present at the meeting, recalled the vice president’s words during an interview with The Daily Caller: “And to your point, Mr. Baker, regarding the lack of prosecutions on lying on Form 4473s, we simply don’t have the time or manpower to prosecute everybody who lies on a form, that checks a wrong box, that answers a question inaccurately.”There is an upside.STATE #16: Kentucky's Governor Signs Constitutional Carry Into Law - The Truth About Guns“makes Kentucky the 16th state that does not require a license for law-abiding adults to carry concealed.”FBI: US Homicide Rate at 51-Year LowCrime Remains at Historic Lows in AmericaSchools are safer than they were in the 90s, and school shootings are not more common than they used to be, researchers sayI haven't even touched on the topic that the police have no duty to protect and individual, but that precedent goes back to South v. Maryland, 59 U.S. 396 (1855)Now in light of all of the above please tell me what law or combination laws is going to make a bit of difference when we don't use the existing laws?Why should citizens be disarmed?Especially when we consider these events:The Battle Of Athens - When WWII Veterans stood up to the corrupt Local Government in TennesseeThe Bombing of Tulsa ‹ HistoricWings.comBull Moose Special - Bonner Hill Testimony when the rail road used machine guns to suppress a strike.The Battle of Blair MountainThe Coal Mining Massacre America Forgot“Although police chief Hatfield was celebrated as a hero by the mining community after the shootout, and even starred in a movie for the UMWA, he was a villain to T. L. Felts, a Baldwin-Felts partner who lost two brothers to the massacre. When Hatfield was acquitted in a local trial by jury, Felts brought a conspiracy charge against him, forcing the police chief to appear in court once more. On the stairway of the courthouse in August 1921, Hatfield and his deputy, Ed Chambers, were gunned down by Baldwin-Felts agents.”Armored trains, aerial firebombings, chemical weapons attacks, murder of law enforcement officers by corporations.All on U.S. citizens by governments or corporate interests.Yes, I think we should be able to have anti-tank rockets for the next “Terror Train” or “Bull Moose Special”.Prove me wrong.Don't say it can't hapoen here, it already has.