Question regarding jurisdiction in which Core Group, Inc. is planning to pay tax

[amanda_b_johnson]

Regarding Glenn Austin's recent statement that the Dash Core Group intends to request funding for the payment of "state and federal" tax, I realize that I'm confused regarding where DCG is currently registered.

MY GUESS is that the New Zealand/Switzerland trust thing is not yet executed, and so DCG is currently registered somewhere else (the US?), which would explain the "state and federal" tax bit.

Is this correct? And if so, what will the tax implication be once DCG moves jurisdictions?

Thanks.

@glennaustin

 

[TheSingleton]

The way I understand it DCG is registered in the USA (probably Arizona) and will pay taxes there. The Trust is already active and owns the DCG but this has no influence on where DCG pays taxes.

And hopefully soon we will get some guidelines about what the Trust allows the masternodes to do and how.

 

[fernando]

@TheSingleton is correct, Dash Core Group Inc is an American company (Delaware) owned by the NZ trust. Ownership doesn't change the tax circumstances of DCG. DCG won't operate for profit (we only request what we plan to spend), but the timing of revenue and expenses --plus price fluctuations--, can generate a profit on certain occasions. If you have losses from previous years, you can compensate. However, this is the first year of operation of DCG, so no previous losses and we have to pay.

Btw, DCG was not established as a non for profit organization because those have a lot of limitations on their activities.

 

[glennaustin]

@TheSingleton is correct, Dash Core Group Inc is an American company (Delaware) owned by the NZ trust. Ownership doesn't change the tax circumstances of DCG. DCG won't operate for profit (we only request what we plan to spend), but the timing of revenue and expenses --plus price fluctuations--, can generate a profit on certain occasions. If you have losses from previous years, you can compensate. However, this is the first year of operation of DCG, so no previous losses and we have to pay.

Btw, DCG was not established as a non for profit organization because those have a lot of limitations on their activities.

That is all correct. We will pay federal taxes in the U.S. and Arizona State taxes as we are headquartered in Arizona.

 

[amanda_b_johnson]

Great, thanks for the thorough and timely responses, @TheSingleton , @fernando , and @glennaustin . Cheers.