James Wetterau wrote:
> The foreign consortium
> was not operating a business as far as Australia is concerned, just
> gambling. I believe at the time the U.S. tax code did not require
> Australians who place bets on U.S. lotteries to pay capital gains
> taxes to the U.S., but rather to pay them to their home country (at
> least from what I recall in the Time or Newsweek article). Of course
> Australia had no capital gains tax on gambling winnings.
This is weird. Is this recent? I know an Australian guy who was in a
consortium several years ago to do just this, with the aim of eventually
starting a sovereign country with the proceeds (last I heard they were
in negotiations with the Govt of Vanuatu or some other Pacific nation)
but the guy who put it all together skipped with the cash, and they are
still trying to get it back.
This was about 95 or so I think.
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