On 16/04/18 14:19, Norbert Thiebaud wrote:
They are of tax-purpose interest.
when you actually performed a currency transaction
you may not have performed a currency transaction at the time.
but 20 years later, for tax purpose, you need to 'convert' the value
of something at the time from one currency to another.
Concrete example which hit a couple of friends of mine ...
Expat Americans, didn't declare their income to the American
authorities. After maybe 20 years, decided to go home. America taxes
*all* American nationals on *all* their income, so they had to do back
calculations on all the money they'd earnt in Britain. Okay, so the tax
probably came to zero (British taxes are higher), but they still had to
show the American authorities they didn't owe anything.
Cheers,
Wol
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