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Thursday, April 04, 2013

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Iggy

This has been on the radar for a looooong time, ever since Julian Dibbell wrote Play Money. There's a hilarious moment in the book, when Dibbell finally is able to explain to an IRS employee how he made money via Ultima.

The employee told Dibbell not to worry, but that once the IRS figured out how to tax virtual goods and other exchanges, it would change everything for gamers.

Of course, is a Linden Dollar even a taxable form of income, until it gets cashed out? For most SLers, that's the issue. I'm guessing our land-barons already report their SL income.

But when we buy Linden Dollars from the Lab, then the Lab should worry. That's a source of taxable income for the Lab.

Danielle

One problem with thinking L$ are money is Linden Lab retains the right to cancel your account and keep your balance at any time for any reason.

When you send funds via Western Union, who really is a money service business, they cannot just arbitrarily take the funds. You have paid them a fee to deliver money to someone else, and they have to honor that.

ZZ Bottom

Woild not be that emough evidence to sue LL in a civil court?

Alberik

The only time the TOS claims about the nature of the Linden virtual currency were tested in court, in Bragg v Linden Labs the TOS did not prove entirely bullet-proof and the company settled. After the Treasury guideline it's almost impossible to imagine a court accepting the TOS claims about the nature of the Linden dollar. It is actually very, very common for TOS claims to be drawn with extraordinary breadth and to be set aside by the courts.

elizabeth (16)

the main difference between bitcoins and L$ is that L$ are not transferable or redeemable outside of the linden SL walled garden

i think that be the representation to IRS if/when it comes up


Geo Meek

You are welcome to send me any or all L$

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