Frank26
It's no longer a rumor that Iraq is entering the World Trade Organization. Vietnam is part of the World Trade Organization. Their currency is worthless. Does that mean the Iraqi dinar that is worthless can join the WTO? Yeah. Does that mean the Iraqi dinar is going to stay worthless? No...The whole world and the United States Treasury worked with the CBI...
Question: "Do we have to have our currency for over a year?
For tax purposes, yeah. If you have your currency for at least one year you're in the about 20% tax bracket. If you have had it for less than one year and you exchange it you're in about the 40%. If you have had it for one year and you don't have a receipt, you're in the 40%. If you've had it for one year and you got a receipt you're in the 20%.
[NOTE: Some gurus feel the dinar exchange will be taxed as capital gains, others feel ordinary income and other not taxed at all. The only opinion that matters is the IRS's - Consult a tax professional at the appropriate time to determine the right tax for your unique circumstances.]
The CBI is not calling them 'lower denoms', they are calling them 'Lower notes'. They also explain the need for fractional banking through the coins they will be giving them. They are not using the word fractional banking with the citizens but they are telling them they will be able to get change so they will not lose money.
I don't plan to go to a bank. Can you imagine?
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