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**freflellalafe** · 06-14-2012, 11:46 PM

From Wickedpedia:

They still contract in frn's. If the State is running as a corporation and the bank is owned by the State...

I give the same credence in their State bank as I do in Mountain Hours.

Are mtnHours legal?
Absolutely. Similar currency systems thrive in dozens of communities around the United States. Law professor Lewis Solomon states in his book, Rethinking Our Centralized Monetary System, that there is no legal prohibition to creating a local currency system in the United States. The IRS, FBI, US Secret Service, Federal Reserve and Treasury Department have all declared the printing and use of local currencies to be legal.

Criteria for legal local currency design

Must correspond to a specific dollar amount.
Must not look like federal dollars to avoid confusion.

How are mtnHours taxed?
Treat your mtnHours like federal cash. Each mtnHour denomination is assigned a specific conversion value. Since the federal government considers supplemental currencies to be a cash equivalent, you must pay taxes on mtnHours income just as you would for other income.
One mtnHour is equal to ten Federal Reserve Notes. It is unnecessary to file any special IRS forms for your local currency activity. When you receive a mtnHour, ask yourself, “If this were a $10 bill, would I report it as taxable income and pay tax on it?” If the answer is “yes,” then add $10 to your business income and pay tax on it.

06-14-2012, 11:46 PM	#7
freflellalafe Join Date Oct 2005 Posts 661 Senior Member	From Wickedpedia: They still contract in frn's. If the State is running as a corporation and the bank is owned by the State... I give the same credence in their State bank as I do in Mountain Hours. Are mtnHours legal? Absolutely. Similar currency systems thrive in dozens of communities around the United States. Law professor Lewis Solomon states in his book, Rethinking Our Centralized Monetary System, that there is no legal prohibition to creating a local currency system in the United States. The IRS, FBI, US Secret Service, Federal Reserve and Treasury Department have all declared the printing and use of local currencies to be legal. Criteria for legal local currency design Must correspond to a specific dollar amount. Must not look like federal dollars to avoid confusion. How are mtnHours taxed? Treat your mtnHours like federal cash. Each mtnHour denomination is assigned a specific conversion value. Since the federal government considers supplemental currencies to be a cash equivalent, you must pay taxes on mtnHours income just as you would for other income. One mtnHour is equal to ten Federal Reserve Notes. It is unnecessary to file any special IRS forms for your local currency activity. When you receive a mtnHour, ask yourself, “If this were a $10 bill, would I report it as taxable income and pay tax on it?” If the answer is “yes,” then add $10 to your business income and pay tax on it.
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