I don't understand exactly what this implies. If DAO is a C Corp, will it pay taxes on USD equivalent value of their coin holdings (150$ million going by the re

I don't understand exactly what this implies. If DAO is a C Corp, will it pay taxes on USD equivalent value of their coin holdings (150$ million going by the report?), or only on what they ultimately convert to USD? What if they use the coins to make purchases directly? If I own a C Corp, can I hide earnings in USD from being taxed by exchanging them for coins I make using some open source block chain?