Taxing Virtual Gaming Assets

rijit writes: "Daniel Terdiman over at Cnet News.com reports the IRS will likely start taxing in game assets. Quote: "That's because game publishers may well in the not too distant future have to send the forms — which individuals receive when earning nonemployee income from companies or institutions — to virtual world players engaging in transactions for valuable items like Ultima Online castles, EverQuest weapons or Second Life currency, even when those players don't convert the assets into cash." Read the Full article at: Cnet News.com:IRS taxation of online game virtual assets inevitable"