Flare Aims To Provide a Platform for XRP Value to Be Used With Smart Contracts –Flare Co-Founder

[solodeji]

https://heraldsheets.com/flare-provide-platform-for-xrp-value-used-with-smart-contracts/

[quietboy]

Can someone help me understand what the value of the flare token will be at the time of airdrop? Will that count as income from a taxation perspective? From what I understand, some countries don't consider airdrops as taxable events.

[JASCoder]

1 hour ago, quietboy said:

Can someone help me understand what the value of the flare token will be at the time of airdrop? Will that count as income from a taxation perspective? From what I understand, some countries don't consider airdrops as taxable events.

The "value" will be set by market trading. 

Trade offers to buy will be set by speculators and market makers. What they choose to offer will depend on perceived demand, and market sentiment.

Predicting what that all will be at some future date, is, at this point in time, would require a person to possess the supernatural skill of prescience. Which, unfortunately, I lack  

Cheers friend.

Edited September 9, 2020 by JASCoder

[jetbrzzz]

2 hours ago, quietboy said:

Can someone help me understand what the value of the flare token will be at the time of airdrop? Will that count as income from a taxation perspective? From what I understand, some countries don't consider airdrops as taxable events.

Not a CPA so I'm only speculating but I'd guess Spark could either be seen as gifted so it would follow those tax guidelines or follow the standard crypto is "property" captial gains taxation. Since there was no point where the Spark asset was bought, I don't know how they'd determine the taxable cost basis for selling, so it would make sense to tax it as a gifted property.

Idk maybe you could argue that the XRP was purchased at some point and they'd use that price as a cost basis since the airdrop is directly correlated, but that seems unlikely since XRP (buying/selling) is already taxable as its own property. Also that still doesn't resolve the taxable cost basis of Spark itself.

[jetbrzzz]

33 minutes ago, JASCoder said:

Predicting what that all will be at some future date, is, at this point in time, would require a person to possess the supernatural skill of prescience. Which, unfortunately, I lack

Where is this pre-science you speak of?!  I need me some.

[WarChest]

7 hours ago, quietboy said:

Can someone help me understand what the value of the flare token will be at the time of airdrop? Will that count as income from a taxation perspective? From what I understand, some countries don't consider airdrops as taxable events.

Re taxation, I am not a tax advisor but you really need to check the tax rules for your country of domicile.

This is from The UK for example.

https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals#airdrops

When it comes to taxation my approach is always pay for an expert opinion.

[NightJanitor]

32 minutes ago, WarChest said:

When it comes to taxation my approach is always pay for an expert opinion.

That's the most polite way I've ever heard "hire a fallguy, just in case" phrased.

Points to you, sir.

[WarChest]

5 hours ago, NightJanitor said:

That's the most polite way I've ever heard "hire a fallguy, just in case" phrased.

Points to you, sir.

In the UK no matter who does your accounts, if they are wrong, it’s the tax payer that has to cough up the additional money and fines. So no fall guy except the Tax payer themself