Introducing the Space Authority Barter Bank
CHARTER ACCOUNTS
The Space Authority Barter Bank is announced open for Charter Account Subscriptions. Official ribbon cutting will be conducted March 15, 2008, at headquarters for United Societies In Space Inc., d.b.a. International Space Development Authority Corporation, ISDAC, a public charity with IRS 501(C)(3) tax status.
The 6 month pre-opening subscription period, September 15, 2007 to March 15, 2008 allows special credits, prizes, bonuses, and charter accounts to be acquired by subscribers to accounts, internationally.
The format on Earth is like a barter bank but it uses outer space money destined to become THE MONETARY DENOMINATION used in all outer space settlement as legal tender of the controlling authorities. Participating account holders, depositors, borrowers, and credit card holders will enjoy not only Earthly Traditional barter advantages, but, eventually, a valuable estate of future space money debits for the account holder and heirs, assigns, and devisees. This is the only ground floor investment ethically pointed towards outer space society infrastructure and family future security in the space age ahead.
A U.S. Federal
statute authorizes and approves this new money in a barter bank setting as exactly
equivalent to the dollar. We intend to drive our monster bus through this
little known ‘legal loop hole’. Get on board by calling us at 1-800-632-2828
domestically in the
Charter account rules limit ownership of accounts to entities such as profit and non-profit corporations, Limited Liability Companies, Limited Partnerships, and the like. Space Money is discounted 50% until March 15, 2008. Barter participation is listed free of charge and awards are prepared to recognize participation.
SPONSORS
Sponsors are welcome to be listed on the program literature. Manager of the Space Barter Bonds are United Societies In Space doing business as the International Space Development Authority Corporation, Inc., ISDAC, and it’s affiliates. The Lunar Economic Development Authority, Inc., LEDA, and the Space Orbital Development Authority, Inc., SODA, are its affiliates in this matter.
All of these are filed as Colorado Non-Profit Corporations. In 2008 or later, the Space Barter Bank will be incorporated after the charter accounts are organized, participating businesses are identified, and sponsors, officers, board of directors, and advisory committee assignments are finalized by ISDAC to its’ sole satisfaction.
TAX CREDITS
The statute that authorizes this form of monetary extended benefit also calls for reports to be filed with the IRS by the issuer of the new currency. This in turn implies that financial gains be reported as if earned in dollars on the company 1120 IRS or comparable forms for the entities and carries into personal IRS 1040 forms by a K-1 IRS form issued by the entity to the particular individual, thus, one accrues gains and/or losses.
If losses result, perhaps because of year-end contributions of space money to a charity, then losses are carried by the K-1 form to the individual. There is potential for tax shelter abuse in this event, therefore at risk basis should be calculated and no more than twice the losses should be reported as a year end loss by any individual. The Internal Revenue Code, IRC, defines abuse of a tax shelter as more than a two for one loss. Please consult your tax advisor, CPA, or law firm on the dangers of tax shelter abuse in this setting, as well as reporting requirements.
BARTER BENEFITS
Space Money is used on Earth among Space Barter Bank account holders. Bank Computers are instructed by mutual agreement of account holders to debit/credit space money one to the other. This transactional regulation focuses on the accounting but does not record the benefits and burdens in any societal sense.
For example, continuing educational courses may be conducted by account holders and attended by account holders. Perhaps half the fee may be payable in space barter dollars. This means that twice as much education will result to account holders because of the existence of this financial system on Earth.
When space
settlements are established and settlers have accounts, then a monetary system
for settlers will be readied forthwith in outer space. The IRS reporting may
not be required but year end gifting to qualified charities will still be
encouraged.