Replies to post #23481 on Rock Ridge Resources, Inc. (RRRI)

[big kahuna 01]

I agree I am only here because I believe the PPS will go up in the near future all the other rah rah stuff is menutia as far as im concerned

[Pedro2004]

Have you heard anything about GSRE filing their IRS Corporate Income Tax Returns?

I'm hearing that GSRE has not filed their IRS tax returns -- in years -- for fear of the IRS getting tabs on those people that received conversion shares.

The IRS considers the proceeds received from those people that get and sell converted shares as income.



Example:

GSRE CEO Brndon Toth loans $10,000 dollars to GSRE.
The debt conversion ratio is -- $0.0001

Brandon Toth converts his $10,000 dollar loan into 100 million shares -- and sells them at a $0.0025 average price.
Brand Toth receives in proceeds $250,000 dollars.

The IRS will be interested in the gain Brandon received on this conversion --
A gain of (250,000 less 10,000) = $240,000 dollars.

The $240,000 dollars is considered taxable income to Brandon Toth.