| Due to increased alarm regarding terrorism, international drug dealing, money
laundering, and concerns over untaxed income, the U.S. government has commenced
scrutiny of a number of industries not formerly required to provide reporting
on the sales activities of U.S. persons. On February 3, 2002 new software
programs were installed by Crowne Gold, which will generate 1099-B reports for
all U.S. Persons. The U.S. 1099-B form is an Internal Revenue Service document
designed to list total annual SALES made through the Crowne Gold system, (not
purchases), so in order to determine profits or losses sustained on the annual
SALE of gold and silver a separate profit analysis report will be provided to
clients of the system.
All account holders, be they U.S. persons or otherwise, will receive an annual
profit or loss compilation based upon SALES and the purchase price actually
paid for the gold or silver sold. Profit analysis is based on the accounting
principal of "first in, first out."
Please note, that the purchase of precious metal DOES NOT constitute a taxable
event, only the SALE of an item triggers the calculation of profit or loss.
|
Remember
to never give anyone your password. Crowne Gold will never ask for your
password or send you emails asking for personal information. Treat your
password as you would cash.