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> Around that time, Ver allegedly took possession of those bitcoins and in November 2017 sold tens of thousands of them on cryptocurrency exchanges for approxim
by blackhawkC17 2y ago
> Around that time, Ver allegedly took possession of those bitcoins and in November 2017 sold tens of thousands of them on cryptocurrency exchanges for approximately $240 million in cash.
> Even though Ver was not then a U.S. citizen, he was still legally required to report to the IRS and pay tax on certain distributions such as dividends from MemoryDealers and Agilestar, which were U.S. corporations.
> In total, Ver is alleged to have caused a loss to the IRS of at least $48 million.
Lesson: You can’t run away from Uncle Sam even after signing away your citizenship.
- awrence 2y agoI'm not a tax expert so wondering, shouldn't the potential loss be computed off the non payment of exit tax at date of exit or 2014 levels? (which would have computed to much lower than 48mm)
- vasco 2y agoThe article says it's mainly 2 things: under-reporting on the exit tax, but also not reporting the dividend more recently (2017) when he transferred the coins to himself from the companies.
- _1_1_1_1_1_1_ 2y ago[dead]