U.S. patent application number 13/660379 was filed with the patent office on 2013-02-28 for methods and apparatus for collateral-based financial transactions.
This patent application is currently assigned to GOLD INNOVATIONS, LLC. The applicant listed for this patent is Gold Innovations, LLC. Invention is credited to Omar Besim Hakim.
Application Number | 20130054432 13/660379 |
Document ID | / |
Family ID | 45973781 |
Filed Date | 2013-02-28 |
United States Patent
Application |
20130054432 |
Kind Code |
A1 |
Hakim; Omar Besim |
February 28, 2013 |
Methods and Apparatus for Collateral-Based Financial
Transactions
Abstract
Methods and apparatus for managing collateral based transactions
are disclosed. In one embodiment, one or more processors perform
defining collateral for a financial transaction, assessing a
valuation of the collateral based upon a difference between a
material value and a legal tender value of the legal tender
precious metal coins, and determining terms of the financial
transaction based on the valuation. In some embodiments, the
collateral includes one or more legal tender precious metal
coins.
Inventors: |
Hakim; Omar Besim; (Austin,
TX) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
Gold Innovations, LLC; |
Austin |
TX |
US |
|
|
Assignee: |
GOLD INNOVATIONS, LLC
Austin
TX
|
Family ID: |
45973781 |
Appl. No.: |
13/660379 |
Filed: |
October 25, 2012 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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13282209 |
Oct 26, 2011 |
8311917 |
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13660379 |
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61406587 |
Oct 26, 2010 |
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Current U.S.
Class: |
705/30 |
Current CPC
Class: |
G06Q 20/10 20130101;
G06Q 40/12 20131203; G06Q 40/025 20130101 |
Class at
Publication: |
705/30 |
International
Class: |
G06Q 40/00 20120101
G06Q040/00 |
Claims
1.-30. (canceled)
31. A method, the method comprising: using one or more processors
to perform recording a legal tender value of an accounting system
entry; recording a legal tender decomposition of the accounting
system entry; and preparing a proposed transaction report for a
financial services transaction, wherein terms of a proposed
transaction described in the proposed transaction report depend at
least in part on the legal tender value and the legal tender
decomposition.
32. The method of claim 31, wherein the preparing a proposed
transaction report for a financial services transaction further
comprises calculating a composition value based in part on the
legal tender decomposition; calculating a dual-treatment aggregate
value based in part on the composition value; and based on the
dual-treatment aggregate value, designating terms of the financial
services transaction for use in the proposed transaction
report.
33. The method of claim 31, wherein the preparing a proposed
transaction report for a financial services transaction further
comprises calculating a composition value based in part on the
legal tender decomposition; calculating a dual-treatment aggregate
value based in part on the composition value; and based on the
dual-treatment aggregate value, designating terms of the financial
services transaction for use in the proposed transaction report,
wherein the terms of the financial services transaction include a
loan secured by collateral comprising one or more coins represented
by the legal tender decomposition of the accounting system entry,
and terms of the loan are based at least in part on a difference
between the composition value of the accounting system entry and a
legal tender value of the accounting system entry.
34. The method of claim 31, wherein the preparing a proposed
transaction report for a financial services transaction further
comprises calculating a composition value based in part on the
legal tender decomposition; calculating a dual-treatment aggregate
value based in part on the composition value; and based on the
dual-treatment aggregate value, designating terms of the financial
services transaction for use in the proposed transaction report,
wherein the terms of the financial services transaction include a
loan secured by collateral comprising one or more coins represented
by the legal tender decomposition of the accounting system entry,
and terms of the loan are based at least in part on one or more
futures contracts for determining the composition value of the
accounting system entry.
35. The method of claim 31, wherein the preparing a proposed
transaction report for a financial services transaction further
comprises calculating a composition value based in part on the
legal tender decomposition; calculating a dual-treatment aggregate
value based in part on the composition value; and based on the
dual-treatment aggregate value, designating terms of the financial
services transaction for use in the proposed transaction report,
wherein the terms of the financial services transaction include a
futures contract based at least in part on the legal tender
decomposition of the accounting system entry.
36. The method of claim 31, wherein the preparing a proposed
transaction report for a financial services transaction further
comprises calculating a composition value based in part on the
legal tender decomposition; calculating a dual-treatment aggregate
value based in part on the composition value; and based on the
dual-treatment aggregate value, designating terms of the financial
services transaction for use in the proposed transaction report,
wherein the terms of the financial services transaction include an
option contract based at least in part on the legal tender
decomposition of the accounting system entry.
37. The method of claim 31, wherein the preparing a proposed
transaction report for a financial services transaction further
comprises calculating a composition value based in part on the
legal tender decomposition; calculating a dual-treatment aggregate
value based in part on the composition value; and based on the
dual-treatment aggregate value, designating terms of the financial
services transaction for use in the proposed transaction report,
wherein the terms of the financial services transaction include tax
payments based at least in part on the legal tender decomposition
of the accounting system entry.
38. A system, comprising: at least one processor; and a memory
comprising program instructions, wherein the program instructions
are executable by the at least one processor to: record a legal
tender value of an accounting system entry; record a legal tender
decomposition of the accounting system entry; and prepare a
proposed transaction report for a financial services transaction,
wherein terms of a proposed transaction described in the proposed
transaction report depend at least in part on the legal tender
value and the legal tender decomposition.
39. The system of claim 38, wherein the program instructions
executable by the at least one processor to prepare a proposed
transaction report for a financial services transaction further
comprise program instructions executable by the at least one
processor to calculate a composition value based in part on the
legal tender decomposition; calculate a dual-treatment aggregate
value based in part on the composition value; and based on the
dual-treatment aggregate value, designate terms of the financial
services transaction for use in the proposed transaction
report.
40. The system of claim 38, wherein the program instructions
executable by the at least one processor to prepare a proposed
transaction report for a financial services transaction further
comprise program instructions executable by the at least one
processor to calculate a composition value based in part on the
legal tender decomposition; program instructions executable by the
at least one processor to calculate a dual-treatment aggregate
value based in part on the composition value; and program
instructions executable by the at least one processor to, based on
the dual-treatment aggregate value, designate terms of the
financial services transaction for use in the proposed transaction
report, wherein the terms of the financial services transaction
include a loan secured by collateral comprising one or more coins
represented by the legal tender decomposition of the accounting
system entry, and terms of the loan are based at least in part on a
difference between the composition value of the accounting system
entry and a legal tender value of the accounting system entry.
41. The system of claim 38, wherein the program instructions
executable by the at least one processor to prepare a proposed
transaction report for a financial services transaction further
comprise program instructions executable by the at least one
processor to calculate a composition value based in part on the
legal tender decomposition; program instructions executable by the
at least one processor to calculate a dual-treatment aggregate
value based in part on the composition value; and program
instructions executable by the at least one processor to, based on
the dual-treatment aggregate value, designate terms of the
financial services transaction for use in the proposed transaction
report, wherein the terms of the financial services transaction
include a loan secured by collateral comprising one or more coins
represented by the legal tender decomposition of the accounting
system entry, and terms of the loan are based at least in part on
one or more futures contracts for determining the composition value
of the accounting system entry.
42. The system of claim 38, wherein the program instructions
executable by the at least one processor to prepare a proposed
transaction report for a financial services transaction further
comprise program instructions executable by the at least one
processor to calculate a composition value based in part on the
legal tender decomposition; program instructions executable by the
at least one processor to calculate a dual-treatment aggregate
value based in part on the composition value; and program
instructions executable by the at least one processor to based on
the dual-treatment aggregate value, designate terms of the
financial services transaction for use in the proposed transaction
report, wherein the terms of the financial services transaction
include a futures contract based at least in part on the legal
tender decomposition of the accounting system entry.
43. The system of claim 38, wherein the program instructions
executable by the at least one processor to prepare a proposed
transaction report for a financial services transaction further
comprise program instructions executable by the at least one
processor to calculate a composition value based in part on the
legal tender decomposition; program instructions executable by the
at least one processor to calculate a dual-treatment aggregate
value based in part on the composition value; and program
instructions executable by the at least one processor to, based on
the dual-treatment aggregate value, designating terms of the
financial services transaction for use in the proposed transaction
report, wherein the terms of the financial services transaction
include an option contract based at least in part on the legal
tender decomposition of the accounting system entry.
44. The system of claim 38, wherein the program instructions
executable by the at least one processor to prepare a proposed
transaction report for a financial services transaction further
comprise program instructions executable by the at least one
processor to calculate a composition value based in part on the
legal tender decomposition; program instructions executable by the
at least one processor to calculate a dual-treatment aggregate
value based in part on the composition value; and program
instructions executable by the at least one processor to based on
the dual-treatment aggregate value, designate terms of the
financial services transaction for use in the proposed transaction
report, wherein the terms of the financial services transaction
include tax payments based at least in part on the legal tender
decomposition of the accounting system entry.
45. A non-transitory computer-readable storage medium storing
program instructions, wherein the program instructions are
computer-executable to implement: recording a legal tender value of
an accounting system entry; recording a legal tender decomposition
of the accounting system entry; and preparing a proposed
transaction report for a financial services transaction, wherein
terms of a proposed transaction described in the proposed
transaction report depend at least in part on the legal tender
value and the legal tender decomposition.
46. The non-transitory computer-readable storage medium of claim
45, wherein the program instructions computer-executable to
implement preparing a proposed transaction report for a financial
services transaction further comprise program instructions
computer-executable to implement calculating a composition value
based in part on the legal tender decomposition; program
instructions computer-executable to implement calculating a
dual-treatment aggregate value based in part on the composition
value; and program instructions computer-executable to implement,
based on the dual-treatment aggregate value, designating terms of
the financial services transaction for use in the proposed
transaction report.
47. The non-transitory computer-readable storage medium of claim
45, wherein the program instructions computer-executable to
implement preparing a proposed transaction report for a financial
services transaction further comprise program instructions
computer-executable to implement calculating a composition value
based in part on the legal tender decomposition; program
instructions computer-executable to implement calculating a
dual-treatment aggregate value based in part on the composition
value; and program instructions computer-executable to implement,
based on the dual-treatment aggregate value, designating terms of
the financial services transaction for use in the proposed
transaction report, wherein the terms of the financial services
transaction include a loan secured by collateral comprising one or
more coins represented by the legal tender decomposition of the
accounting system entry, and terms of the loan are based at least
in part on a difference between the composition value of the
accounting system entry and a legal tender value of the accounting
system entry.
48. The non-transitory computer-readable storage medium of claim
45, wherein the program instructions computer-executable to
implement preparing a proposed transaction report for a financial
services transaction further comprise program instructions
computer-executable to implement calculating a composition value
based in part on the legal tender decomposition; program
instructions computer-executable to implement calculating a
dual-treatment aggregate value based in part on the composition
value; and program instructions computer-executable to implement
based on the dual-treatment aggregate value, designating terms of
the financial services transaction for use in the proposed
transaction report, wherein the terms of the financial services
transaction include a loan secured by collateral comprising one or
more coins represented by the legal tender decomposition of the
accounting system entry, and terms of the loan are based at least
in part on one or more futures contracts for determining the
composition value of the accounting system entry.
49. The non-transitory computer-readable storage medium of claim
45, wherein the program instructions computer-executable to
implement preparing a proposed transaction report for a financial
services transaction further comprise program instructions
computer-executable to implement calculating a composition value
based in part on the legal tender decomposition; program
instructions computer-executable to implement calculating a
dual-treatment aggregate value based in part on the composition
value; and program instructions computer-executable to implement,
based on the dual-treatment aggregate value, designating terms of
the financial services transaction for use in the proposed
transaction report, wherein the terms of the financial services
transaction include a futures contract based at least in part on
the legal tender decomposition of the accounting system entry.
50. The non-transitory computer-readable storage medium of claim
45, wherein the program instructions computer-executable to
implement preparing a proposed transaction report for a financial
services transaction further comprise program instructions
computer-executable to implement calculating a composition value
based in part on the legal tender decomposition; program
instructions computer-executable to implement calculating a
dual-treatment aggregate value based in part on the composition
value; and program instructions computer-executable to implement,
based on the dual-treatment aggregate value, designating terms of
the financial services transaction for use in the proposed
transaction report, wherein the terms of the financial services
transaction include an option contract based at least in part on
the legal tender decomposition of the accounting system entry.
Description
CLAIM OF PRIORITY TO PROVISIONAL APPLICATION
[0001] This application is a continuation of U.S. application Ser.
No. 13/282,209 entitled "METHODS AND APPARATUS FOR COLLATERAL-BASED
FINANCIAL TRANSACTIONS", filed Oct. 26, 2011, which claims benefit
of priority of U.S. Provisional Application Ser. No. 61/406,587
entitled "METHOD AND SYSTEM FOR DETERMINING, CALCULATING AND
MANAGING THE TAXES OWED ON THE SALE OF LEGAL TENDER COINS WHICH
HAVE A MATERIAL VALUE GREATER THAN THEIR LEGAL FACE VALUE" filed
Oct. 26, 2010, the contents of which are incorporated by reference
herein in their entirety.
BACKGROUND
Description of the Related Art
[0002] Various market participants have provided accounting
software to support financial activity. Accounting software is
application software that records and processes accounting
transactions within functional modules such as accounts payable,
accounts receivable, payroll, and trial balance. Accounting
software functions as an accounting information system. Accounting
software may be developed in-house by the company or organization
using the accounting software, may be purchased or licensed from a
third party, or may be a combination of a third-party application
software package with local modifications. Accounting software
varies greatly in its complexity and cost.
[0003] Today, accounting software does not enable the recording of
the decomposition of an accounting system entry (e.g., particular
values or identities of bank notes, types of coins, or checks)
within a particular currency. Currency refers to a generally
accepted medium of exchange, which are most commonly the coins and
banknotes of a particular government or region. Usually, a
government legally defines its fiat currency (typically notes and
coins issued by the central bank) to be legal tender, fixing a
legal tender value that is independent of its material or
composition value. Government decree, rather than material value,
determines the value of money for accounting purposes.
[0004] As a result, bank deposits and currency transactions are
generally tracked by an accounting system without regard to the
legal tender composition of the transactions. For example, under
Generally Accepted Accounting Principles in the United States (US
GAAP), economic activity is measured in U.S. dollars, and
transactions are expressed in U.S. dollars when recorded, without
US GAAP requiring there to be a recorded difference between various
forms of legal tender for the same legal tender value in an
accounting system entry. See FASB Statement No. 168, The FASB
Accounting Standards Codification.TM. and the Hierarchy of
Generally Accepted Accounting Principles. For example, a $100
accounting system entry is not shown to be made up of two $50 bills
or five $20 bills, etc.
SUMMARY
[0005] Various embodiments of methods and apparatus for recording
decomposition of accounting system entries are disclosed. In some
embodiments, one or more processors are employed to perform
recording a legal tender value of an accounting system entry and
recording a legal tender decomposition of the accounting system
entry.
[0006] In some embodiments, the one or more processors are employed
to perform reporting the legal tender decomposition of the
accounting system entry and the legal tender value of the
accounting system entry.
[0007] In some embodiments, the one or more processors are employed
to perform calculating a composition value of the accounting system
entry based at least in part on the legal tender decomposition of
the accounting system entry.
[0008] In some embodiments, the one or more processors are employed
to perform calculating a composition value of the accounting system
entry based at least in part on the legal tender decomposition of
the accounting system entry. In some such embodiments, the
calculating the composition value is based at least in part on a
material value of coins included in the legal tender
decomposition.
[0009] In some embodiments, the one or more processors are employed
to perform calculating a composition value of the accounting system
entry based at least in part on the legal tender decomposition of
the accounting system entry. In some such embodiments, the one or
more processors are further employed to perform calculating a
comparison of the legal tender value of the accounting system entry
and the composition value of the accounting system entry. In some
such embodiments, the one or more processors are further employed
to perform reporting the legal tender value of accounting system
entry, the composition value of the accounting system entry, and
the comparison of the legal tender value of accounting system entry
and the composition value of the accounting system entry.
[0010] In some embodiments, the one or more processors are employed
to perform calculating a transaction value based at least in part
on the comparison of the legal tender value of accounting system
entry and the composition value of the accounting system entry.
[0011] In some embodiments, the one or more processors are employed
to perform calculating a dual-treatment aggregate value based in
part on the legal the legal tender decomposition of the accounting
system entry and the legal tender value of the accounting system
entry.
[0012] In some embodiments, the one or more processors are employed
to perform calculating a first composition value of the accounting
system entry based at least in part on the legal tender
decomposition of the accounting system entry. In some such
embodiments, the calculating the first composition value is based
at least in part on a metal composition of coins included in the
legal tender decomposition and a metal price on a first date. In
some such embodiments, the one or more processors are further
employed to perform calculating a second composition value of the
accounting system entry based at least in part on the legal tender
decomposition of the accounting system entry. In some such
embodiments, the calculating the second composition value is based
at least in part on a metal composition of coins included in the
legal tender decomposition and a metal price on a second date. In
some such embodiments, the one or more processors are further
employed to perform calculating a comparison of the first
composition value and the second composition value. In some such
embodiments, the one or more processors are further employed to
perform reporting the legal tender value of accounting system
entry, the first composition value, the second composition value,
and the comparison.
[0013] Some embodiments provide a system including at least one
processor and a memory comprising program instructions. In some
embodiments, the program instructions are executable by the at
least one processor to record a legal tender value of an accounting
system entry and record a legal tender decomposition of the
accounting system entry.
[0014] In some embodiments, the program instructions are further
executable by the at least one processor to report the legal tender
decomposition of the accounting system entry and the legal tender
value of the accounting system entry.
[0015] In some embodiments, the program instructions are further
executable by the at least one processor to calculate a composition
value of the accounting system entry based at least in part on the
legal tender decomposition of the accounting system entry.
[0016] In some embodiments, the program instructions are further
executable by the at least one processor to calculate a composition
value of the accounting system entry based at least in part on the
legal tender decomposition of the accounting system entry, and the
composition value is based at least in part on a material value of
coins included in the legal tender decomposition.
[0017] In some embodiments, the program instructions are further
executable by the at least one processor to calculate a
dual-treatment aggregate value based in part on the legal the legal
tender decomposition of the accounting system entry and the legal
tender value of the accounting system entry.
[0018] In some embodiments, the program instructions are further
executable by the at least one processor to calculate a composition
value of the accounting system entry based at least in part on the
legal tender decomposition of the accounting system entry.
[0019] In some such embodiments, the program instructions are
further executable by the at least one processor to calculate a
comparison of the legal tender value of the accounting system entry
and the composition value of the accounting system entry and report
the legal tender value of accounting system entry, the composition
value of the accounting system entry, and the comparison of the
legal tender value of accounting system entry and the composition
value of the accounting system entry.
[0020] In some embodiments, the program instructions are further
executable by the at least one processor to calculate a transaction
value based at least in part on the comparison of the legal tender
value of accounting system entry and the composition value of the
accounting system entry.
[0021] In some embodiments, the program instructions are further
executable by the at least one processor to calculate a first
composition value of the accounting system entry based at least in
part on the legal tender decomposition of the accounting system
entry. In some such embodiments, the first composition value is
based at least in part on a metal composition of coins included in
the legal tender decomposition and a metal price on a first date.
In some embodiments, the program instructions are further
executable by the at least one processor to calculate a second
composition value of the accounting system entry based at least in
part on the legal tender decomposition of the accounting system
entry. In some such embodiments, the second composition value is
based at least in part on a metal composition of coins included in
the legal tender decomposition and a metal price on a second date.
In some embodiments, the program instructions are further
executable by the at least one processor to calculate a comparison
of the first composition value and the second composition value and
report the legal tender value of accounting system entry, the first
composition value, the second composition value, and the
comparison.
[0022] Some embodiments provide a non-transitory computer-readable
storage medium storing program instructions. In some embodiments,
the program instructions are computer-executable to implement
recording a legal tender value of an accounting system entry and
recording a legal tender decomposition of the accounting system
entry.
[0023] In some embodiments the program instructions are further
computer-executable to implement reporting the legal tender
decomposition of the accounting system entry and the legal tender
value of the decomposition.
[0024] In some embodiments the program instructions are further
computer-executable to implement calculating a composition value of
the accounting system entry based at least in part on the legal
tender decomposition of the accounting system entry.
[0025] In some embodiments the program instructions are further
computer-executable to implement calculating a composition value of
the accounting system entry based at least in part on the legal
tender decomposition of the accounting system entry. In some such
embodiments, the composition value is based at least in part on a
material value of coins included in the legal tender
decomposition.
[0026] In some embodiments the program instructions are further
computer-executable to implement calculating a composition value of
the accounting system entry based at least in part on the legal
tender decomposition of the accounting system entry. In some such
embodiments, the program instructions are further
computer-executable to implement calculating a comparison of the
legal tender value of the accounting system entry and the
composition value of the accounting system entry. In some such
embodiments, the program instructions are further
computer-executable to implement reporting the legal tender value
of accounting system entry, the composition value of the accounting
system entry, and the comparison of the legal tender value of
accounting system entry and the composition value of the accounting
system entry.
[0027] In some embodiments the program instructions are further
computer-executable to implement calculating a transaction value
based at least in part on the comparison of the legal tender value
of accounting system entry and the composition value of the
accounting system entry.
[0028] In some embodiments, one or more processors are employed to
perform recording a legal tender value of an accounting system
entry, recording a legal tender decomposition of the accounting
system entry and preparing a proposed transaction report for a
financial services transaction, wherein terms of a proposed
transaction described in the proposed transaction report depend at
least in part on the legal tender value and the legal tender
decomposition.
[0029] In some embodiments, the preparing a proposed transaction
report for a financial services transaction further includes
calculating a composition value based in part on the legal tender
decomposition, calculating a dual-treatment aggregate value based
in part on the composition value, and based on the dual-treatment
aggregate value, designating terms of the financial services
transaction for use in the proposed transaction report.
[0030] In some embodiments, the preparing a proposed transaction
report for a financial services transaction further includes
calculating a composition value based in part on the legal tender
decomposition, calculating a dual-treatment aggregate value based
in part on the composition value, and based on the dual-treatment
aggregate value, designating terms of the financial services
transaction for use in the proposed transaction report. In some
such embodiments, the terms of the financial services transaction
include a loan secured by one or more coins represented by the
legal tender decomposition of the accounting system entry.
[0031] In some embodiments, the preparing a proposed transaction
report for a financial services transaction further includes
calculating a composition value based in part on the legal tender
decomposition, calculating a dual-treatment aggregate value based
in part on the composition value, and based on the dual-treatment
aggregate value, designating terms of the financial services
transaction for use in the proposed transaction report. In some
such embodiments, the terms of the financial services transaction
include a proposed sale of one or more coins represented by the
legal tender decomposition of the accounting system entry.
[0032] In some embodiments, the preparing a proposed transaction
report for a financial services transaction further includes
calculating a composition value based in part on the legal tender
decomposition, calculating a dual-treatment aggregate value based
in part on the composition value, and based on the dual-treatment
aggregate value, designating terms of the financial services
transaction for use in the proposed transaction report. In some
such embodiments, the terms of the financial services transaction
include a futures contract based at least in part on the legal
tender decomposition of the accounting system entry.
[0033] In some embodiments, the preparing a proposed transaction
report for a financial services transaction further includes
calculating a composition value based in part on the legal tender
decomposition, calculating a dual-treatment aggregate value based
in part on the composition value, and based on the dual-treatment
aggregate value, designating terms of the financial services
transaction for use in the proposed transaction report. In some
such embodiments, the terms of the financial services transaction
include an option contract based at least in part on the legal
tender decomposition of the accounting system entry.
[0034] In some embodiments, the preparing a proposed transaction
report for a financial services transaction further includes
calculating a composition value based in part on the legal tender
decomposition, calculating a dual-treatment aggregate value based
in part on the composition value, and based on the dual-treatment
aggregate value, designating terms of the financial services
transaction for use in the proposed transaction report. In some
such embodiments, the terms of the financial services transaction
include tax payments based at least in part on the legal tender
decomposition of the accounting system entry.
[0035] In some embodiments, the preparing a proposed transaction
report for a financial services transaction further includes
calculating a composition value based in part on the legal tender
decomposition, calculating a dual-treatment aggregate value based
in part on the composition value, and based on the dual-treatment
aggregate value, designating terms of the financial services
transaction for use in the proposed transaction report. In some
such embodiments, the terms of the financial services transaction
include a series of advance payments based at least in part on the
legal tender decomposition of the accounting system entry.
[0036] In some embodiments, the preparing a proposed transaction
report for a financial services transaction further includes
calculating a composition value based in part on the legal tender
decomposition, calculating a dual-treatment aggregate value based
in part on the composition value, and based on the dual-treatment
aggregate value, designating terms of the financial services
transaction for use in the proposed transaction report. In some
such embodiments, the terms of the financial services transaction
include payment terms modeled on predicted fluctuations of the
composition value in response to changes in a spot price of one or
more precious metals.
[0037] In some embodiments, the preparing a proposed transaction
report for a financial services transaction further includes based
on the dual-treatment aggregate value, designating terms of the
financial services transaction for use in the proposed transaction
report, wherein the terms of the financial services transaction
include a loan secured by collateral comprising one or more coins
represented by the legal tender decomposition of the accounting
system entry, wherein terms of the loan are based at least in part
on one or more futures contracts for determining the composition
value of the accounting system entry.
[0038] In some embodiments, the preparing a proposed transaction
report for a financial services transaction further includes based
on the dual-treatment aggregate value, designating terms of the
financial services transaction for use in the proposed transaction
report, wherein the terms of the financial services transaction
include a loan secured by collateral comprising one or more coins
represented by the legal tender decomposition of the accounting
system entry, wherein terms of the loan are based at least in part
on one or more futures contracts for determining the composition
value of the accounting system entry.
[0039] In some embodiments, one or more processors are employed to
perform defining collateral for a financial transaction, assessing
a valuation of the collateral based upon a difference between a
material value and a legal tender value of the legal tender
precious metal coins, and determining terms of the financial
transaction based on the valuation. In some embodiments the
collateral comprises one or more legal tender precious metal coins.
In some embodiments, the one or more processors are employed to
perform executing payments based on the terms of the financial
transaction.
[0040] In some embodiments, the determining the terms of the
financial transaction further includes determining terms of a loan
based upon the valuation. In some embodiments, the determining the
terms of the financial transaction further includes determining
terms of the financial transaction based on a dual treatment
aggregate value of the collateral. In some embodiments, the
determining the terms of the financial transaction further includes
determining valuations of one or more futures contracts. In some
embodiments, the determining the terms of the financial transaction
further includes determining valuation of a present payment for an
agreed future transfer of the collateral based on an agreed future
value of the collateral. In some embodiments, the determining the
terms of the financial transaction further includes determining
terms of a line of credit based upon the valuation. In some
embodiments, the determining the terms of the financial transaction
further includes determining terms of a payment annuity based upon
the valuation. In some embodiments, the determining the terms of
the financial transaction further includes determining terms of an
insurance contract based upon the valuation. In some embodiments,
the determining the terms of the financial transaction further
includes determining terms of a purchase transaction based upon the
valuation.
[0041] Some embodiments provide a system including at least one
processor and a memory comprising program instructions. In some
embodiments, the program instructions are executable by the at
least one processor to define collateral for a financial
transaction, assess a valuation of the collateral based upon a
difference between a material value and a legal tender value of the
legal tender precious metal coins, and determine terms of the
financial transaction based on the valuation. In some embodiments,
the collateral comprises one or more legal tender precious metal
coins. In some embodiments, the program instructions are further
executable by the at least one processor to execute payments based
on the terms of the financial transaction.
[0042] In some embodiments, the program instructions executable by
the at least one processor to determine the terms of the financial
transaction further include program instructions executable by the
at least one processor to determine terms of a loan based upon the
valuation. In some embodiments, the program instructions executable
by the at least one processor to determine the terms of the
financial transaction further include program instructions
executable by the at least one processor to determine terms of the
financial transaction based on a dual treatment aggregate value of
the collateral. In some embodiments, the program instructions
executable by the at least one processor to determine the terms of
the financial transaction further include program instructions
executable by the at least one processor to determine valuations of
one or more futures contracts. In some embodiments, the program
instructions executable by the at least one processor to determine
the terms of the financial transaction further include program
instructions executable by the at least one processor to determine
valuation of a present payment for an agreed future transfer of the
collateral based on an agreed future value of the collateral.
[0043] In some embodiments, the program instructions executable by
the at least one processor to determine the terms of the financial
transaction further include program instructions executable by the
at least one processor to determine terms of a line of credit based
upon the valuation. In some embodiments, the program instructions
executable by the at least one processor to determine the terms of
the financial transaction further include program instructions
executable by the at least one processor to determine terms of a
payment annuity based upon the valuation. In some embodiments, the
program instructions executable by the at least one processor to
determine the terms of the financial transaction further include
program instructions executable by the at least one processor to
determine terms of an insurance contract based upon the valuation.
In some embodiments, the program instructions executable by the at
least one processor to determine the terms of the financial
transaction further include program instructions executable by the
at least one processor to determine terms of a purchase transaction
based upon the valuation.
[0044] Some embodiments provide a non-transitory computer-readable
storage medium storing program instructions. In some embodiments,
the program instructions are computer-executable to implement
defining collateral for a financial transaction, wherein the
collateral comprises one or more legal tender precious metal coins,
assessing a valuation of the collateral based upon a difference
between a material value and a legal tender value of the legal
tender precious metal coins, and determining terms of the financial
transaction based on the valuation. In some embodiments, the
program instructions are computer-executable to implement executing
payments based on the terms of the financial transaction.
[0045] In some embodiments, the program instructions
computer-executable to implement determining the terms of the
financial transaction further include program instructions
computer-executable to implement determining terms of a loan based
upon the valuation. In some embodiments, the program instructions
computer-executable to implement determining the terms of the
financial transaction further include program instructions
computer-executable to implement determining terms of the financial
transaction based on a dual treatment aggregate value of the
collateral. In some embodiments, the program instructions
computer-executable to implement determining the terms of the
financial transaction further include program instructions
computer-executable to implement determining valuations of one or
more futures contracts. In some embodiments, the program
instructions computer-executable to implement determining the terms
of the financial transaction further include program instructions
computer-executable to implement determining valuation of a present
payment for an agreed future transfer of the collateral based on an
agreed future value of the collateral.
[0046] In some embodiments, the program instructions
computer-executable to implement determining the terms of the
financial transaction further include program instructions
computer-executable to implement determining terms of a line of
credit based upon the valuation. In some embodiments, the program
instructions computer-executable to implement determining the terms
of the financial transaction further include program instructions
computer-executable to implement determining terms of a payment
annuity based upon the valuation. In some embodiments, the program
instructions computer-executable to implement determining the terms
of the financial transaction further include program instructions
computer-executable to implement determining terms of an insurance
contract based upon the valuation. In some embodiments, the program
instructions computer-executable to implement determining the terms
of the financial transaction further include program instructions
computer-executable to implement determining terms of a purchase
transaction based upon the valuation.
BRIEF DESCRIPTION OF THE DRAWINGS
[0047] FIG. 1 illustrates a system architecture for recording
decomposition of accounting system entries, according to some
embodiments.
[0048] FIG. 2 depicts a module that that may be used for recording
decomposition of accounting system entries, according to some
embodiments.
[0049] FIGS. 3A-3C illustrate a series of decompositions of
accounting system entries that may be recorded, according to some
embodiments.
[0050] FIG. 4 is a high-level logical flowchart of operations
usable for recording decomposition of accounting system entries,
according to some embodiments.
[0051] FIG. 5 is a high-level logical flowchart of operations that
can be used for recording and reporting decomposition of accounting
system entries, according to some embodiments.
[0052] FIG. 6 is a high-level logical flowchart of operations that
can be used for a law enforcement application of recording
decomposition of accounting system entries, according to some
embodiments.
[0053] FIG. 7 is a high-level logical flowchart of operations that
can be used for a fully mechanized recording of decomposition of
accounting system entries, according to some embodiments.
[0054] FIG. 8 is a high-level logical flowchart of operations that
can be used for a recording of decomposition of accounting system
entries with composition value computation, according to some
embodiments.
[0055] FIG. 9A is a high-level logical flowchart of operations that
can be used for recording decomposition of accounting system
entries with tax reporting, according to some embodiments.
[0056] FIG. 9B is a high-level logical flowchart of operations that
can be used for recording decomposition of accounting system
entries with accounting computation for variable composition value,
according to some embodiments.
[0057] FIG. 9C is a high-level logical flowchart of operations that
can be used for managing collateral-based financial transactions,
according to some embodiments.
[0058] FIG. 9D is a high-level logical flowchart of operations that
can be used for managing collateral-based financial transactions,
according to some embodiments.
[0059] FIG. 10A is a time-value diagram of a transaction using
recording of decomposition of accounting system entries with tax
reporting, according to some embodiments.
[0060] FIG. 10B is a decomposition-value diagram of a transaction
using recording of decomposition of accounting system entries with
tax reporting, according to some embodiments.
[0061] FIG. 10C is a flow of finance diagram describing a
transaction using recording of decomposition of accounting system
entries with tax reporting, according to some embodiments.
[0062] FIG. 10D is a flow of finance diagram describing a
transaction using recording of decomposition of accounting system
entries with tax reporting, according to some embodiments.
[0063] FIG. 11 depicts one embodiment of a graphical user interface
for recording decomposition of accounting system entries.
[0064] FIG. 12A is a high-level logical flowchart of operations
that can be used for supporting financial services transactions
based at least in part on decomposition of accounting system
entries, according to some embodiments.
[0065] FIG. 12B is a high-level logical flowchart of operations
that can be used for preparing proposed transaction reports in
support of financial services transactions based at least in part
on decomposition of accounting system entries, according to some
embodiments.
[0066] FIG. 13 illustrates an example computer system that may be
used in embodiments.
[0067] While the invention is described herein by way of example
for several embodiments and illustrative drawings, those skilled in
the art will recognize that the invention is not limited to the
embodiments or drawings described. It should be understood, that
the drawings and detailed description thereto are not intended to
limit the invention to the particular form disclosed, but on the
contrary, the intention is to cover all modifications, equivalents
and alternatives falling within the spirit and scope of the present
invention. The headings used herein are for organizational purposes
only and are not meant to be used to limit the scope of the
description. As used throughout this application, the word "may" is
used in a permissive sense (i.e., meaning having the potential to),
rather than the mandatory sense (i.e., meaning must). Similarly,
the words "include", "including", and "includes" mean including,
but not limited to.
DETAILED DESCRIPTION OF EMBODIMENTS
[0068] Various embodiments of methods and apparatus for recording
decomposition of accounting system entries are disclosed. In one
embodiment, one or more processors are employed to perform
recording a legal tender value of an accounting system entry in a
currency and recording a legal tender decomposition of the
accounting system entry in the currency.
[0069] As used herein, "legal tender decomposition" refers to an
array of data values (elements) representing identities of coins
and/or bank notes of which a payment of an accounting system entry
is, will be, was, or theoretically is composed. In some
embodiments, legal tender values of decomposition elements (e.g.,
made up of federal reserve notes and/or legal tender precious metal
coins) of a legal tender decomposition sum to a total value of an
accounting system entry in a particular currency.
[0070] As used herein, "identity of a coin" refers to a notation of
a type of coin sufficient to identify a legal tender value and
design standard weight and composition of the coin. Examples of an
identity of a coin include, generally a coin name descriptor,
denomination, and year (e.g., specifically, a 1986 $50 United
States Gold Eagle). Examples of an identity of a coin further
include, generally, a composition and value (e.g., specifically a
USD $50 91.67% Au 3% Ag 5.33% Cu at 1 oz). Examples of an identity
of a coin additionally include, generally a coin name descriptor,
condition, denomination, and year (e.g., specifically, a 1986 $50
United States Gold Eagle in BU).
[0071] As used herein, "identity of a bank note" refers to a
descriptor of a bank note sufficient to identify a denomination and
currency of the bank note. In some embodiments, an identity of a
bank note identifies the currency, denomination and source of the
bank note. For example, a bank note could be identified as "Greek
$20 twenty-euro note 2010" or "German twenty-euro note."
[0072] As used herein, "federal reserve note" refers to a form of
legal tender (e.g., system of identity of a bank note or coin) by
which the legal tender value authorized by government is
determined. At the time of this writing, the legal tender value of
a federal reserve note controls valuation of the federal reserve
note independent of composition value.
[0073] As used herein, "legal tender precious metal coins" refers
to a form of legal tender (e.g., system of identity of a coin) by
which the legal tender value authorized by government is
determined, wherein there is a legal tender value distinct from any
material value or composition value. More specifically, in some
embodiments, there is a simultaneously different tax treatment for
the legal tender value (i.e. ordinary income) vs. its material
value, the tax treatment of which may be considered that of a
collectible asset and therefore entitled to capital gains tax
treatment.
[0074] As used herein, "legal tender value" refers to a value of a
coin or bank note in a currency as set by government dependent on
identity of the bank note or identity of the coin.
[0075] As used herein, "composition value" refers to a value of a
coin dependent on a material value of a metal composition of a
coin. In some embodiments, composition value depends on a date or
location of transaction or may be uniformly agreed for purposes of
a transaction or series of transactions.
[0076] As used herein, "dual-treatment aggregate value" refers to a
value of a transaction based on composition value and variable tax
treatment between a legal tender value and a composition value.
[0077] As used herein, "material value" refers to a value of a coin
based on a current spot prices of the materials of which the coin
is composed.
[0078] As used herein, a financial transaction is an event or
condition under the contract between a buyer and a seller to
exchange an asset for payment. A financial transaction represents a
change in the status of the finances of two or more businesses or
individuals, including but not limited to purchases, loans,
mortgages, bank accounts, credit card transactions, debit card
transactions.
[0079] As used herein, a valuation is a monetary value assigned to
one or more items of collateral based on a set of assumptions.
[0080] Some embodiments include a system for recording
decomposition of accounting system entries. In one embodiment, such
a system may include a processor and a memory comprising program
instructions. In some embodiments, the program instructions are
executable by the at least one processor to record a legal tender
value of an accounting system entry in a currency and record a
legal tender decomposition of the accounting system entry in the
currency.
[0081] Some embodiments may include a decomposition tracking module
for recording decomposition of accounting system entries. The
recording decomposition of accounting system entries may in some
embodiments be implemented by a non-transitory, computer-readable
storage medium and one or more processors (e.g., CPUs and/or GPUs)
of a computing apparatus. The computer-readable storage medium may
store program instructions executable by the one or more processors
to cause the computing apparatus to perform recording a legal
tender value of an accounting system entry in a currency and
recording a legal tender decomposition of the accounting system
entry in the currency.
[0082] Example applications of embodiments vary from accounting and
finance to law enforcement. In one embodiment, as described below,
an accounting system entry includes a legal tender value of the
accounting system entry and a legal tender decomposition of the
accounting system entry. In some embodiments, the accounting system
entry further includes a time stamp. Some embodiments perform the
calculation of a composition value from the legal tender
decomposition. Using the computation value calculated from the
legal tender decomposition, some embodiments support tracking,
management, and reporting of financial transactions such as loans,
option agreements, hedge contracts, futures contracts, and/or
payments timed to maximize transaction value and/or minimize
taxation using conversion between legal tender value and payments
based on time-variable composition value.
Application of Embodiments to Support for Financial Transaction
[0083] Some embodiments of systems and methods for recording
decomposition of accounting system entries are usable for
supporting transactions in which the value of the transaction is
based, at least in part, on the legal tender decomposition of coins
used to provide payment.
[0084] Over the last thirty years, Congress has exercised its power
under Article I, Section 8, Clause 5 of the United States
Constitution by instructing the US Mint to produce precious metal
(e.g., gold, silver, platinum, palladium, etc.) coins as legal
tender. These coins have a legal tender value set by Congress that
is distinct and, at market prices prevailing at the time of this
filing, much lower than the material value of the precious metal
content that makes up the coins. Despite the fact that these coins
have a "face value" (i.e., legal tender value) that is much lower
than their material value (i.e., the value of the precious metals
that make up the coins), the law is clear that the monetary value
of the coins is their legal tender value.
[0085] Legal tender is legally defined in 31 U.S.C. .sctn.5103,
which states that United States coins and currency (including
Federal reserve notes and circulating notes of Federal reserve
banks and national banks) are legal tender for all debts, public
charges, taxes, and dues. Foreign gold or silver coins are not
legal tender for debts. The monetary value of these coins is
distinct from their material value. For example, the case of Ling
Su Fan v. United States (218 U.S. 302 (1910)) is read to establish
the legal distinction of a coin bearing the "impress" of the
sovereign, asserting that public law gives to such coinage a value
which does not attach as a mere consequence of intrinsic value.
Their quality as a legal tender is an attribute of law aside from
their bullion value. They bear, therefore, the impress of sovereign
power which fixes value and authorizes their use in exchange. The
case of Thompson v. Butler (95 U.S. 694, 696 (1877)) is read to
establish that the law makes no legal distinction between the
values of coin and paper money used as legal tender, stating that a
"coin dollar is worth no more for the purposes of tender in payment
of an ordinary debt than a note dollar. The law has not made the
note a standard of value any more than coin. It is true that in the
market, as an article of merchandise, one is of greater value than
the other; but as money, that is to say, as a medium of exchange,
the law knows no difference between them."
[0086] As recently as 2008, the courts have affirmed this
distinction between legal tender value and material value. In
Crummey v. Klein Independent School District, the Fifth Circuit
Court of Appeals heard a case in which Brent E. Crummey brought a
lawsuit complaining that two employees of the KISD tax office
declined to accept Crummey's fifty-dollar United States American
Eagle gold coins for any more than the face value of the coins in
Federal Reserve Note dollars as tender in payment for taxes Crummey
owed. The Fifth Circuit stated that, "[r]egardless of any currency
confusion that may have arisen in bygone eras, our present standard
is clear: As legal tender, a dollar is a dollar." They further
stated that: "As legal tender, a dollar is a dollar, regardless of
the physical embodiment of the currency."
[0087] The Internal Revenue Service (IRS) has held that while these
coins have a legal tender value, for tax purposes legal tender
precious metal coins are considered a collectible item. If they are
held for more than one year and then sold, any profits (from any
changes in the value of the precious metals) are taxed at a 28%
collectibles capital gains tax rate. If they are held less than one
year and then sold, any profits are taxed as ordinary income.
[0088] The IRS has also advised people that if a US Mint gold coin
is used as legal tender (utilizing its face value) and then is
later sold for its precious metal value, capital gains taxes (at
the collectible rate) would be owed based upon the difference
between the sales price minus the basis, which would be the face
value of the coin.
[0089] Some embodiments support transactions, in which individuals
may seek to legally reduce the taxes they pay in some transactions
by recording the decomposition of an accounting entry recording
receipt of a payment for later use in calculating capital gains
taxation on the sale of metal coins which were received as the
original payment. Such embodiments provide support for accounting
useful in taking advantage of the fact that a US Mint precious
metal coin can be used for its face value in a first stage of a
transaction (purchase or acquisition), and when the recipient later
sells the coin for its precious metal value, the tax owed may be
calculated at the collectible capital gains taxes on the difference
between the face value and the sales price. These capital gains
taxes could be significantly lower than the taxes that might have
otherwise been owed had the transaction not occurred with a US Mint
precious metal coin. As used herein, a transaction in which capital
gains tax treatment with respect to the difference between the
composition value and the legal tender value of a coin is reported
is an embodiment of a "dual-treatment aggregate value"
transaction.
[0090] Some embodiments for recording the decomposition of an
accounting entry support transactions for enabling some forms of
taxed transactions (e.g. estate, income, inheritance, gift, etc.)
to enjoy treatment at lower tax rate (e.g., capital gains rate) by
using US Mint precious metal coins as a vehicle for splitting the
taxes into two categories--the original tax category based upon the
legal tender value of the US Mint precious metal coins (e.g. estate
taxes, income taxes, inheritance taxes, gift taxes, etc.) and
capital gains taxes at the collectible capital gains tax rate to
achieve a "dual-treatment aggregate value" transaction.
[0091] As an example of a transaction supported by some embodiments
for recording the decomposition of an accounting entry, consider an
example of a parent seeking to give a child a cash gift. There is a
currently gift tax exemption of $13,000 per year. A parent could
give the child 260 one-ounce $50 American Gold Eagle coins with a
face value of $13,000, recording an accounting system entry
containing both a legal tender value of the accounting system entry
($13,000) and a legal tender decomposition of the accounting system
entry (260 one-ounce $50 American Gold Eagle coins). Assuming the
child holds the coins for more than one year, which some
embodiments support by recording dates of transactions, and then
sells them at $1,000 per ounce, the child would realize a capital
gain of $247,000 ($260,000 minus the $13,000 basis). The child
would owe a collectible capital gains tax of 28% of the $247,000
gained--but that amount would be significantly less then the
ordinary income tax rate the child would have had to have paid on
the $247,000 had it been given directly to the child as income.
Some embodiments for recording the decomposition of an accounting
entry support management of a transaction similar to this example.
Additionally, some embodiments support financial transactions that
allow for pre-payment of transaction cash flows by an institution
holding coins for a party to such a transaction.
[0092] As an example of another transaction supported by some
embodiments for recording the decomposition of an accounting entry,
consider an example of an individual who may wish to reduce the 55%
estate tax (or "death tax") that they would pay when passing an
estate of $60 million on to their heirs. Assume that the market
price of gold is $1000/oz. By purchasing 60,000 one-ounce $50
American Gold Eagle coins with a face value of $3 million, the
estate would transfer to the heirs without paying the 55% estate
tax which exempts the first $3 million transferred. If the heirs
held the 60,000 coins for at least one year and then sold them at
$1,000 per ounce, they would owe a 28% tax on the $57 million in
capital gains that was made, thus saving 27% taxes on the original
$60 million estate (a tax savings of $16.2 million). Some
embodiments for recording the decomposition of an accounting entry
support management of a transaction similar to this example.
[0093] In some embodiments, accounting system entries are tracked
in order to record the dates of transactions, the amount of the
transactions in dollars (legal tender value) and the legal tender
decomposition in US Mint precious metal coins. Some embodiments
additionally record or are designed to query from a database the
spot price of the precious metals at the date and time of any
transactions, such that the number and type of US Mint precious
metal coins can be used to calculate the taxes owed. Some
embodiments further facilitate collections, payment, and reporting
to taxing authorities, as well as loans, derivative contracts,
futures contracts, option agreements, secured transactions, and
payment streams tied to the legal tender decompositions of
accounting entries.
Notes with Respect to the Discussion of Embodiments
[0094] In the detailed description included herein, numerous
specific details are set forth to provide a thorough understanding
of claimed subject matter. However, it will be understood by those
skilled in the art that claimed subject matter may be practiced
without these specific details. In other instances, methods,
apparatuses or systems that would be known by one of ordinary skill
have not been described in detail so as not to obscure claimed
subject matter.
[0095] Some portions of the detailed description which follow are
presented in terms of algorithms or symbolic representations of
operations on binary digital signals stored within a memory of a
specific apparatus or special purpose computing device or platform.
In the context of this particular specification, the term specific
apparatus or the like includes a general purpose computer once it
is programmed to perform particular functions pursuant to
instructions from program software. Algorithmic descriptions or
symbolic representations are examples of techniques used by those
of ordinary skill in the signal processing or related arts to
convey the substance of their work to others skilled in the art. An
algorithm is here, and is generally, considered to be a
self-consistent sequence of operations or similar signal processing
leading to a desired result. In this context, operations or
processing involve physical manipulation of physical
quantities.
[0096] Typically, although not necessarily, such quantities may
take the form of electrical or magnetic signals capable of being
stored, transferred, combined, compared or otherwise manipulated.
It has proven convenient at times, principally for reasons of
common usage, to refer to such signals as bits, data, values,
elements, symbols, characters, terms, numbers, numerals or the
like. It should be understood, however, that all of these or
similar terms are to be associated with appropriate physical
quantities and are merely convenient labels. Unless specifically
stated otherwise, as apparent from the following discussion, it is
appreciated that throughout this specification discussions
utilizing terms such as "processing," "computing," "calculating,"
"determining" or the like refer to actions or processes of a
specific apparatus, such as a special purpose computer or a similar
special purpose electronic computing device. In the context of this
specification, therefore, a special purpose computer or a similar
special purpose electronic computing device is capable of
manipulating or transforming signals, typically represented as
physical electronic or magnetic quantities within memories,
registers, or other information storage devices, transmission
devices, or display devices of the special purpose computer or
similar special purpose electronic computing device.
Example Implementations
[0097] FIG. 1 illustrates a system architecture for recording
decomposition of accounting system entries, according to some
embodiments. In some embodiments, an accounting entry decomposition
management provider 106 performs functions for tracking, managing
and reporting transactions in which transaction value is based, at
least in part, on recorded legal tender decompositions of
accounting entries in a currency, as described herein. In some
embodiments, a decomposition recording module 120 executes
instructions for recording a legal tender value of an accounting
system entry and recording a legal tender decomposition of the
accounting system entry. Additionally, in some embodiments, a
client interface 118 is used for receiving accounting entry data
and reporting the legal tender decomposition of the accounting
system entry and the legal tender value of the decomposition, such
as over a network 108.
[0098] In some embodiments, the accounting entry data includes data
104b received over client interface 118 from institution client
102b, such as terms and conditions of transactions (e.g., loans,
payments, cash advances, credit cards, article 9 secured
transactions on gold in an inventory, lines of credit, article 3
credit instruments, or debit transactions), supported using
accounting system entries including both a legal tender value of
the accounting system entry and a legal tender decomposition of the
accounting system entry. In some embodiments, the accounting entry
data includes data 104b that is received using an institution
interface 122b such as a teller's data entry screen or an account
manager's data entry screen in the offices of a financial
institution (e.g., bank, brokerage house, credit union).
[0099] In some embodiments, client interface 118 is used for
providing accounting system entries for reports or reporting the
legal tender decomposition of the accounting system entry and the
legal tender value of the decomposition, such as over a network
108. In some embodiments, the report data includes data 104a is
sent over client interface 118 to reporting client 102a, such as
accounting entries representing aspects of transactions (e.g.,
values of loans, payments, cash advances, credit cards, article 9
secured transactions on gold in an inventory, lines of credit,
article 3 credit instruments, or debit transactions), for use in
reports 124a supported using accounting system entries including
both a legal tender value of the accounting system entry and a
legal tender decomposition of the accounting system entry. In some
embodiments, such reports 124a include accounting system entries
including both a legal tender value of the accounting system entry
and a legal tender decomposition of the accounting system entry. In
some embodiments, only legal tender values for transactions are
reported in certain reports 124a. Likewise, in some embodiments,
only legal tender decompositions are reported in certain reports
124a. Examples of such transactions are discussed herein. In some
embodiments, the reporting data includes data 104a that is reported
over a reporting interface 122a such as a teller's data entry
screen or an account manager's data entry screen in the offices of
a financial institution (e.g., bank, brokerage house, credit
union). In other embodiments, reporting client data includes data
104a that is reported over a reporting interface 122a such as a web
client on an end user interface. In some embodiments, reports 124a
are screen displays or audio provided to a user. In other
embodiments, reports 124a are printed paper statements and
receipts.
[0100] In some embodiments, institution client 102b is a system for
interacting with accounting entry decomposition management provider
106 that is used by recipients and providers of payments described
in accounting system entries including a legal tender value of the
accounting system entry and a legal tender decomposition of the
accounting system entry.
[0101] In some embodiments, institution client 102b is a system for
interacting with accounting entry decomposition management provider
106 that is used by precious metal tender warehouses for handling
transactions described in accounting system entries including a
legal tender value of the accounting system entry and a legal
tender decomposition of the accounting system entry.
[0102] In some embodiments, institution client 102a and reporting
client 102b are systems for professional services companies
involved in facilitating accounting reporting, tax calculation,
and/or transaction reporting to users of transactions supported by
an operator of accounting entry decomposition management provider
106.
[0103] In some embodiments, a transaction client 114a is a system
for receiving or dispensing tender, such as an automatic teller
(ATM) machine, represented by accounting system entries including a
legal tender decomposition of the accounting system entry, and,
optionally, a legal tender value of the accounting system entry. In
some embodiments, data 110a containing accounting system entries
including a legal tender decomposition of the accounting system
entry is forwarded as data 104a-104b to accounting entry
decomposition management provider 106 and then to reporting client
102a for reporting of the legal tender decomposition of the
accounting system entry and the legal tender value of the
decomposition. In some embodiments, data 110a represents payments
received as tender 126a comprising both bank notes and legal tender
precious metal coins. In some embodiments, a transaction interface
112a is provided for allowing a user to provide details of the
transaction. In some embodiments, transaction client 114a is able
to analyze tender 124a to determine the legal tender decomposition
of tender 124a.
[0104] In some embodiments, data 110a may include accounting
reports of various aspects of accounting system entries including a
legal tender decomposition of the accounting system entry, and,
optionally, a legal tender value of the accounting system entry. In
some embodiments, an amount of a current payment received or
requested as tender 124a is based at least in part upon accounting
system entries including a legal tender decomposition of the
accounting system entry, and, optionally, a legal tender value of
the accounting system entry. Various data 110a-110b and data
104a-104b may be stored in a database 116 for tracking, managing
and reporting transactions based at least in part upon accounting
system entries including a legal tender decomposition of the
accounting system entry, and, optionally, a legal tender value of
the accounting system entry.
[0105] In some embodiments, an accounting client 114b is a system
for interacting with accounting entry decomposition management
provider 106 that is used by end users of with accounting entry
decomposition management provider 106 to record a legal tender
decomposition of the accounting system entry, and record a legal
tender value of the accounting system entry. In some embodiments,
data 110b containing a legal tender decomposition of the accounting
system entry and a legal tender value of the accounting system
entry may be forwarded to reporting client 102a as data 104a for
reporting or to institution client 102b to indicate an order for a
financial transaction, thereby facilitating payment or transaction
processing. In some embodiments, data 110b may include accounting
reports of various aspects of transactions including a legal tender
decomposition of an accounting system entry and a legal tender
value of the accounting system entry.
[0106] An example of one embodiment of a transaction supported as
described herein follows. A user of a transaction client 114a may
approach transaction client 114a and submit tender 124a for deposit
in an account managed by a financial institution using accounting
entry decomposition management provider 106. Accounting system
entries are transmitted to client interface 118a over network 108a
as data 110a. Accounting entry decomposition management provider
106 records to database 116 a legal tender decomposition of an
accounting system entry and a legal tender value of the accounting
system entry, where the entry represents tender 124a. Accounting
entry decomposition management provider 106 reports a legal tender
decomposition of the accounting system entry and the legal tender
value of the accounting system entry as data 104b to institution
client 102b for use with institution interface 122b at a financial
institution, such as a bank, that supports precious metal banking
accounts. Accounting entry decomposition management provider 106
reports a legal tender decomposition of the accounting system entry
and the legal tender value of the accounting system entry as data
104a to reporting client 102a for use with reporting interface 122a
at a professional services provider, such as an accountancy, for
preparing tax reports based on the legal tender decomposition of
the accounting system entry and the legal tender value of the
accounting system entry.
[0107] Accounting entry decomposition management provider 106
reports a legal tender decomposition of the accounting system entry
and the legal tender value of the accounting system entry as data
110b to accounting client 112b for use with accounting interface
122a at a user terminal, such as a business accounting software
package, for preparing reports such as balance sheets and cash flow
based on the legal tender decomposition of the accounting system
entry and the legal tender value of the accounting system
entry.
[0108] FIG. 2 depicts a module that that may be used for recording
decomposition of accounting system entries, according to some
embodiments. A decomposition recording module 220 includes
instructions for, in some embodiments, recording a legal tender
value of an accounting system entry and recording a legal tender
decomposition of the accounting system entry.
[0109] In some embodiments, decomposition recording module 220
implements one or more of a tool for calculating a composition
value of the accounting system entry based at least in part on the
legal tender decomposition of the accounting system entry or a tool
for reporting the legal tender decomposition of the accounting
system entry and the legal tender value of the decomposition. In
some embodiments, decomposition recording module 220 implements
tools for retrieving decomposition lookup data 250 including, in
some embodiments either or both of, the composition of coins and
the spot values (at various dates) of metals of which coins are
composed. In some embodiments, decomposition recording module 220
receives payment data including decompositions from an accounting
client, institution client, or transaction client. FIG. 12
illustrates an example computer system on which embodiments of
decomposition recording module 220 may be implemented.
[0110] In some embodiments, decomposition recording module 220
receives as input one or more items of payment data including
decompositions 210. Payment data 210 varies between embodiments.
Examples include but are not limited to up/downloaded transaction
statements, up/downloaded financial statements from a financial
services provider, imported banking and transaction data directly
from one or more remote bank accounts or financial institutions
that provide banking services through a transaction interface, and
manually entered decomposition information from an accounting
client. Embodiments support data intake ranging from manual entry
to automatic integrated decomposition support from transaction
clients that electromechanically ascertain the identity of a coin
or bank note, either through direct measurement of the coin or bank
note or through electro-optically reading the identity of a
"slabbed coin" from its casing. In some embodiments, decomposition
recording module 220 is integrated within an accounting provider or
accounting package. In other embodiments, decomposition recording
module 220 operates as a stand-alone application on any of a wide
range of computing systems, examples of which include but are not
limited to systems including ATM machines, mainframes, personal
desktop computers, cloud computing environments, hand-held
computers and smartphones.
[0111] In some embodiments, decomposition recording module 220 may
receive user input 212 indicating decompositions, providing payment
instructions, providing metal prices, indicating terms and
conditions of a transaction, or requesting tracking reports for
transactions. Decomposition recording module 220 calculates
transaction values based on composition information, tax rates,
dates and transaction terms, which may include agreed or spot metal
prices. In some embodiments, decomposition recording module 220
also detects and reports suspicious or prohibited transactions.
Decomposition recording module 220 may receive information
indicating payments received or price fluctuations. Decomposition
recording module 220 updates accounting data 260 and provides
reports 230 reflecting the tracking, management and reporting
transactions. Accounting data 260 and reports 230 may, for example,
be stored to a storage medium 240, such as system memory, a disk
drive, DVD, CD, etc.
[0112] In some embodiments, decomposition recording module 220 may
provide a user interface 222 via which a user may interact with the
decomposition recording module 220, for example to set up terms and
conditions of a transaction, report legal tender values and legal
tender decompositions of account entries, arrange payments, and
request reports. In some embodiments, the user interface may
provide user interface elements whereby the user may select options
including, but not limited to, fixed metal prices and tax rate
preferences, loan and payment terms, and orders for financial
transactions.
Example Legal Tender Decompositions
[0113] FIGS. 3A-3C illustrate a series of decompositions of
accounting system entries that may be recorded, according to some
embodiments. A series of coin decomposition cases 300 is provided
in FIG. 3A. In a first case 302a, a decomposition of two $50 gold
eagles 304a and ten pre-1964 silver dimes is recorded along with a
legal tender value of $101.00. In a second case 302b, a
decomposition of two $20 slabbed (graded) double eagles 304b and
two pre-1964 silver quarters is recorded along with a legal tender
value of $40.50. In a third case 302c, a decomposition of ten $0.01
copper pennies 304c and ten zinc pennies is recorded along with a
legal tender value of $00.40. In an nth case 304n, a decomposition
of two 1943 silver nickels 304n and two post-1964 copper nickels is
recorded along with a legal tender value of $00.20.
[0114] A series of mixed decomposition cases 310 is provided in
FIG. 3B. In a first case 308a, a decomposition of five $20 US bills
312a and ten $50 gold eagles is recorded along with a legal tender
value of $500.00. In a second case 308b, a decomposition of two
1943 nickels 312b and two dollar bills is recorded along with a
legal tender value of $2.10. In a third case 308c, a decomposition
of one slabbed $50 gold eagle 312c and ten $10 bills 314c is
recorded along with a legal tender value of $150.00. In an nth case
304n, a decomposition of a graded loose double eagle 312n and two
ungraded loose double eagles 314n is recorded along with a legal
tender value of $80.00.
[0115] A series of bill decomposition cases 320 is provided in FIG.
3C. In a first case 322a, a decomposition of two 20 German notes
324a and five 20 Greek notes 328a is recorded along with a legal
tender value of 120. In a second case 322b, a decomposition of two
marked (serial number, and the serial numbers are recorded) $20
bills 324b and three unmarked $20 dollar bills is recorded along
with a legal tender value of $100. In an nth case 308c, a
decomposition of twenty RFIDed $20 bills 324n and twenty non-RFIDed
$20 bills 328n is recorded along with a legal tender value of
$800.00. RFIDs are also recorded.
Example Operations Usable by Some Embodiments
[0116] FIG. 4 is a high-level logical flowchart of operations
usable for recording decomposition of accounting system entries,
according to some embodiments. A legal tender value of an
accounting system entry is recorded (block 402). In some
embodiments, the legal tender value is recorded in a currency. A
legal tender decomposition of the accounting system entry is
recorded (block 404). In some embodiments, the legal tender value
is recorded in the currency.
[0117] FIG. 5 is a high-level logical flowchart of operations that
can be used for recording and reporting decomposition of accounting
system entries, according to some embodiments. Transaction data is
received (block 500). A legal tender value of an accounting system
entry is recorded (block 502). In some embodiments, the legal
tender value is included in the received transaction data. A legal
tender decomposition of the accounting system entry is recorded
(block 504). A legal tender decomposition of accounting system
entry and a legal tender value of the decomposition are reported
(block 506).
[0118] FIG. 6 is a high-level logical flowchart of operations that
can be used for a law enforcement application of recording
decomposition of accounting system entries, according to some
embodiments. Transaction data is received (block 600). A legal
tender value of an accounting system entry is recorded (block 602).
In some embodiments, the legal tender value is recorded in a
currency. A legal tender decomposition of the accounting system
entry is recorded (block 604). The legal tender decomposition of
accounting system entry and legal tender value of the decomposition
are analyzed for suspicious activity (block 606). Suspicious
activity or a prohibited transaction based is reported on legal
tender decomposition of accounting system entry and legal tender
value of the decomposition (block 608).
[0119] FIG. 7 is a high-level logical flowchart of operations that
can be used for a fully mechanized recording of decomposition of
accounting system entries, according to some embodiments. Tender is
received (block 700). In some embodiments, tender is received
through a transaction client, examples of which include automated
teller machines and other similar transaction terminals. The tender
for is analyzed for legal tender decomposition of accounting system
entry (block 702). In some embodiments, analysis can include
electromechanical analysis of a coin to determine identify or
composition (e.g., based on dimensions, weight, conductivity,
electromagnetic signature, or other measurable characteristics). In
other embodiments, analysis can include identifying coins or bank
notes with electro-optic sensors and pattern recognition software.
In some embodiments, coins may be received in holders (slabs) with
identifying information provided on the coin. Likewise, banknotes
may be analyzed electro-optically in some embodiments or through an
radio-frequency identifier inserted within the banknote.
Alternative embodiments substitute entry by a bank teller of the
legal tender decomposition for the analysis operation.
[0120] Legal tender value of accounting system entry is recorded
(block 704). Legal tender decomposition of the accounting system
entry is recorded (block 706). Legal tender decomposition of
accounting system entry and legal tender value of the decomposition
are reported (block 708).
[0121] FIG. 8 is a high-level logical flowchart of operations that
can be used for a recording of decomposition of accounting system
entries with composition value computation, according to some
embodiments. Transaction data is received (block 800). Legal tender
value of an accounting system entry is recorded (block 802). Legal
tender decomposition of the accounting system entry is recorded
(block 804). A composition value of the legal tender decomposition
of accounting system entry and legal tender value of the
decomposition is calculated for taxation calculation (block 806).
The composition value of legal tender decomposition of accounting
system entry and legal tender value of the decomposition are
reported (block 808).
[0122] FIG. 9A is a high-level logical flowchart of operations that
can be used for a recording of decomposition of accounting system
entries with tax reporting, according to some embodiments.
Transaction data is received (block 900). Legal tender value of an
accounting system entry is recorded (block 902). A legal tender
decomposition of the accounting entry is recorded (block 904). A
composition value of legal tender decomposition of accounting
system entry and legal tender value of the decomposition for
taxation calculation is calculated (block 906). Tax reporting
information is calculated based on composition value of legal
tender decomposition of accounting system entry and legal tender
value of the decomposition for taxation calculation (block 908).
Tax reporting information, composition value of legal tender
decomposition of accounting system entry and legal tender value of
the decomposition are reported (block 910).
[0123] FIG. 9B is a high-level logical flowchart of operations that
can be used for a recording of decomposition of accounting system
entries with accounting computation for variable composition value,
according to some embodiments. Transaction data is received (block
920). A legal tender value of an accounting system entry is
recorded (block 922). A first composition value of the accounting
system entry is calculated based at least in part on the legal
tender decomposition of the accounting system entry and based at
least in part on a metal composition of coins included in the legal
tender decomposition and a metal price on a first date (block 924).
A second composition value of the accounting system entry is
calculated based at least in part on the legal tender decomposition
of the accounting system entry and based at least in part on a
metal composition of coins included in the legal tender
decomposition and a metal price on a second date (block 926). A
comparison of the first composition value and the second
composition value is calculated (block 928). The legal tender
value, first composition value, second composition value, and
comparison are reported (block 930).
[0124] FIG. 9C is a high-level logical flowchart of operations that
can be used for managing collateral-based financial transactions,
according to some embodiments. Collateral for a financial
transaction is defined. In some embodiments, the collateral
comprises one or more legal tender precious metal coins (block
940). A valuation of the collateral based upon a difference between
a material value and a legal tender value of the legal tender
precious metal coins is assessed (block 942). Terms of the
financial transaction are determined based on the valuation (block
944).
[0125] FIG. 9D is a high-level logical flowchart of operations that
can be used for managing collateral-based financial transactions,
according to some embodiments. Collateral for a financial
transaction is defined. In some embodiments, the collateral
comprises one or more legal tender precious metal coins (block
950). A valuation of the collateral based upon a difference between
a material value and a legal tender value of the legal tender
precious metal coins is assessed (block 952). Terms of the
financial transaction are determined based on the valuation (block
954). Payments are executed based on the terms of the financial
transaction (block 956).
[0126] In some embodiments, the determining the terms of the
financial transaction further includes determining terms of a loan
based upon the valuation. In some embodiments, the determining the
terms of the financial transaction further includes determining
terms of the financial transaction based on a dual treatment
aggregate value of the collateral. In some embodiments, the
determining the terms of the financial transaction further includes
determining valuations of one or more futures contracts. In some
embodiments, the determining the terms of the financial transaction
further includes determining valuation of a present payment for an
agreed future transfer of the collateral based on an agreed future
value of the collateral. In some embodiments, the determining the
terms of the financial transaction further includes determining
terms of a line of credit based upon the valuation. In some
embodiments, the determining the terms of the financial transaction
further includes determining terms of a payment annuity based upon
the valuation. In some embodiments, the determining the terms of
the financial transaction further includes determining terms of an
insurance contract based upon the valuation. In some embodiments,
the determining the terms of the financial transaction further
includes determining terms of a purchase transaction based upon the
valuation.
Example Transactions Supported by Some Embodiments
[0127] FIG. 10A is a time-value diagram of a transaction using
recording of decomposition of accounting system entries with tax
reporting, according to some embodiments. Measured along a time
axis 1022 and a time axis 1020, the transaction has a transaction
value (block 1042) during an initial one-year period 1034 based on
a legal tender value (LTV) 1024 subtracted from a composition value
1028 and taxed at ordinary income tax rates. Operations are
performed to record the legal tender value in a currency, the legal
tender decomposition in the currency and a date (block 1026). Date,
legal tender decomposition, and legal tender value are preserved
(block 1030) and a second composition value 1032 can be calculated
as time advances and changes in the spot prices of metals influence
composition value 1038. Loans by a financial institution 1036 can
be initiated based on composition value 1028 or second composition
value 1032. Alternative embodiments support a wide range of futures
contracts, derivatives, option contracts, payment stream annuities,
and other financial transactions in place of loans. After the
expiration of one year 1034, a transaction value equals the
subtraction of the legal tender value 1024 from a most recent
composition value 1032 taxed at a capital gains tax rate (block
1040). In some embodiments, transaction values at both block 1040
and block 1042 may be reduced by subtracting an ordinary income tax
levied against the legal tender value.
[0128] FIG. 10B is a decomposition-value diagram of a transaction
using recording of decomposition of accounting system entries with
tax reporting, according to some embodiments. In a first
transaction 1054, two $1000 Federal Reserve notes (FRNs) 1050 are
received. The transaction has a value of $2000 taxed at ordinary
income rates, which works out to $1400 on an ordinary income tax
rate of 30% (block 952). Alternatively, in a second transaction
1060, a $50 gold eagle 962, with a composition of one ounce 0.999
gold, 1062 is received. The transaction has an immediate value of
composition value less legal tender value taxed at ordinary income
rates, which works out to $1415 on an ordinary income tax rate of
30% and $2000 gold (block 1064). One year later 1068, the tax
treatment changes such that the transaction has a second value of
composition value less legal tender value taxed at capital gains
rates, which works out to $1657 on an capital gains tax rate of 15%
and $2000 gold (block 1066).
[0129] FIG. 10C is a flow of finance diagram describing a
transaction using recording of decomposition of accounting system
entries with tax reporting, according to some embodiments. FIG. 10D
is a flow of finance diagram describing institutional involvement
in a transaction using recording of decomposition of accounting
system entries with tax reporting, according to some embodiments.
An amount of money 1070, which may be subject to a form of taxes
including, but not limited to, gift taxes, estate taxes,
inheritance taxes, income taxes, social security taxes, etc. is
converted 1072 into US Mint precious metal coins 1074. Conversion
1072 is equivalent to exchanging some form of legal tender for an
equivalent amount of legal tender in a different format. An example
could include, for example, exchanging four quarters for a single
one dollar bill.
[0130] In this case, the conversion 1072 is between a sum of money
1070 and the precious metal value of the US Mint precious metal
coins 1074. For example, if the spot price of gold is $1,000 per
ounce and a taxpayer has a lump sum amount 1070 of cash equaling
$1,000, then the taxpayer could buy a single one-ounce $50 American
Eagle gold coin 1074. In some embodiments, an accounting software
system would record the date, amounts, price of precious metals and
number of coins purchased during conversion 1072 in order to
calculate the timing of the future sale of the gold coin in order
to ensure that the collectible capital gains tax paid 1082 occurs
after at least one year has passed 1076. The taxpayer may owe taxes
immediately for the transaction 1080, but those taxes paid would be
calculated based upon the legal tender value of the coins that were
acquired 1074.
[0131] In some embodiments, financial services supported by the
embodiment are provided by an entity 1096 including, but not
limited to, a bank, savings and loan, a trust, a mutual fund, an
employment agency, a school, a financial advisory firm, an
investment bank, an asset management firm, a hedge fund, an
insurance company, an annuity company, etc. A taxpayer's money 1072
can be deposited 1092 into the financial institution 1096. While
the money resides in the financial institution 1096, it can be
freely converted 1072 into US Mint precious metal coins 1074. The
financial institution need not actually have a all of the coins in
its possession 1074 for all of the taxpayer's funding 1070. Like
most commercial banks that use fractional reserve banking, the
financial institution 1096 can have a limited number of US Mint
precious metal coins in it's possession, so long as its ratio of
holdings to committed funds remains in line with the law.
[0132] Once a taxpayer's funds 1070 have been deposited 1092 into
the financial institution 1096, the IRS' "one-year clock" for
long-term capital gains starts. If the taxpayer wants or needs
access to his funding 1088 before the one-year is up, the financial
institution 1096 can make him a loan 1094 so that the US Mint
precious metal coins are not sold early and taxed at a higher rate.
If the taxpayer wants to access his money 1098 after the one year
capital gains milestone has been passed, he may access his funds a
number of ways 1084, including but not limited to, ATM cash machine
withdrawals, debit and credit card transactions, checking accounts,
cash withdrawals, stock purchases, bond purchases, etc.
[0133] The various transactions 1084 cause the financial
institution 1096 to execute virtual US Mint precious metal coin
sales 1074 that result in capital gains taxes being incurred 1086.
The financial institution can pay those taxes on behalf of the
taxpayer 1082 and provide the taxpayer with tax forms and other
information through the mail, email, Internet and other forms of
notification.
[0134] Financial service entity automates collection, recording,
management and reporting of data so that taxes can be dynamically
determined and paid, so the tax complexity of the transactions are
invisible to the taxpayer at the time of the transactions. If the
taxpayer tries to withdraw money too soon, the system can automate
the creation and issuance of a loan secured by the cash 1070 and
the US Mint precious metal coins 1074 already in the possession of
the financial services entity 1096.
Example User Interface
[0135] FIG. 11 depicts one embodiment of a graphical user interface
for recording decomposition of accounting system entries. A
transaction interface 1100 presents a report of a transaction in
which a record of a first note 1122 and a record of a second note
1124 were recorded along with totals 1126 for the transaction,
including a stated value 1136. In one embodiment represents, stated
value 1136 represents an intended value of the transaction. For
example, a transaction in which gold eagle with a composition value
of $2000 and legal tender value of $50 was received with a $100 FRN
may have a stated value of $2100. A value lookup control 1102
enables an accounting system to lookup composition values based on
a spot price 1138 of one or more precious metals for a composition
date 1104, and tax treatments are calculated between a date
received 1134 and composition date 1104, with a notation of a date
on which preferred tax treatment will become or did become
available 1106.
[0136] A preferred tax treatment 1130 is indicated, as is a
currency in which record of a first note 1122 record of a first
coin 1124 were recorded. In the embodiment shown in FIG. 11, record
of a first note 1122 record of a first coin 1124 are elements of a
legal tender decomposition of an accounting entry and total 1126 of
legal tender value 1114 is a legal tender value of the accounting
entry. Each of record of a first note 1122 record of a first coin
1124 includes an element identifier 1108, an identity 1110 of a
coin or bank note, a quantity 1112, a legal tender value 1114 a
composition value 1116, a tax paid at ordinary income rates on the
received date 1140, a tax due 1118 to be paid to close a tax
transaction on the composition date 1104, and a transaction value
1120. In some embodiments, transaction value 1120 is a
dual-treatment aggregate value. In some embodiments, transaction
value 1120 is used to support financial transactions such as loans,
option contracts, futures contracts, or payment contracts secured
by the assets represented by the legal tender decomposition.
[0137] An indication of tax savings 1142 is provided. A unit of
currency 1132 in which a legal tender value and a legal tender
decomposition are defined is displayed. Embodiments support a wide
range of futures contracts, derivatives, option contracts, payment
stream annuities, secured transactions, loans, and other financial
transactions, products, and services. In some embodiments, spot
prices are replaced with futures contracts or other instruments for
guaranteeing set agreed prices and resulting predictability in
material values and composition values. Such embodiments support,
for example, use of a futures contract to structure an inheritance
transaction such that heirs take the money at a present time based
on a transaction value 1120 with tax savings 1142 based on a
long-term capital gains tax treatment 1130 through the intervention
of a financial institution holding in inventory notes and coins
representing a legal tender decomposition (e.g., a first note noted
in record of first note 1122 and first coin noted in record of
first coin 1124) for the appropriate period of time (e.g., 1 year)
and guaranteeing a sale price, rather than the spot price at an
agreed level via futures contracts.
[0138] Additionally, some embodiments support transactions with
cash advances based on a loan secured by intervention of a
financial institution holding in inventory notes and coins
representing a legal tender decomposition (e.g., a first note noted
in record of first note 1122 and first coin noted in record of
first coin 1124) for the appropriate period of time (e.g., 1 year)
with no guaranteed sales price. Some embodiments support cash
advances based on a loan secured by intervention of a financial
institution holding in inventory notes and coins representing a
legal tender decomposition (e.g., a first note noted in record of
first note 1122 and first coin noted in record of first coin 1124)
with variable interest rates based at least in part on floating
spot prices.
Example Operations for Use in Some Embodiments to Support Financial
Transactions
[0139] FIG. 12A is a high-level logical flowchart of operations
that can be used for supporting financial services transactions
based at least in part on decomposition of accounting system
entries, according to some embodiments. A legal tender value of an
accounting system entry is recorded (block 1202). A legal tender
decomposition of an accounting system entry is recorded (block
1204). A proposed transaction report for a financial services
transaction is prepared for a proposed transaction described in the
proposed transaction report that depends at least in part on the
legal tender value and the legal tender decomposition (block
1206).
[0140] FIG. 12B is a high-level logical flowchart of operations
that can be used for preparing proposed transaction reports in
support of financial services transactions based at least in part
on decomposition of accounting system entries, according to some
embodiments. A composition value based in part on the legal tender
decomposition is calculated (block 1212). A dual-treatment
aggregate value based in part on the composition value is
calculated (block 1214). Terms of the financial services
transaction for use in the proposed transaction report are
designated (block 1216).
Example System
[0141] Embodiments of a system and method for legal tender
decompositions of accounting entries as described herein may be
executed on one or more computer systems, which may interact with
various other devices. One such computer system is illustrated by
FIG. 13. In different embodiments, computer system 1300 may be any
of various types of devices, including, but not limited to, a
personal computer system, desktop computer, laptop, notebook, or
netbook computer, mainframe computer system, handheld computer,
workstation, network computer, a camera, a set top box, a mobile
device, a consumer device, video game console, handheld video game
device, application server, storage device, a peripheral device
such as a switch, modem, router, or in general any type of
computing or electronic device.
[0142] In the illustrated embodiment, computer system 1300 includes
one or more processors 1310 coupled to a system memory 1320 via an
input/output (I/O) interface 1330. Computer system 1300 further
includes a network interface 1340 coupled to I/O interface 1330,
and one or more input/output devices 1350, such as cursor control
device 1360, keyboard 1370, and display(s) 1380. In some
embodiments, it is contemplated that embodiments may be implemented
using a single instance of computer system 1300, while in other
embodiments multiple such systems, or multiple nodes making up
computer system 1300, may be configured to host different portions
or instances of embodiments. For example, in one embodiment some
elements may be implemented via one or more nodes of computer
system 1300 that are distinct from those nodes implementing other
elements.
[0143] In various embodiments, computer system 1300 may be a
uniprocessor system including one processor 1310, or a
multiprocessor system including several processors 1310 (e.g., two,
four, eight, or another suitable number). Processors 1310 may be
any suitable processor capable of executing instructions. For
example, in various embodiments, processors 1310 may be
general-purpose or embedded processors implementing any of a
variety of instruction set architectures (ISAs), such as the x86,
PowerPC, SPARC, or MIPS ISAs, or any other suitable ISA. In
multiprocessor systems, each of processors 1010 may commonly, but
not necessarily, implement the same ISA.
[0144] System memory 1320 may be configured to store program
instructions and/or data accessible by processor 1310. In various
embodiments, system memory 1320 may be implemented using any
suitable memory technology, such as static random access memory
(SRAM), synchronous dynamic RAM (SDRAM), nonvolatile/Flash-type
memory, or any other type of memory. In the illustrated embodiment,
program instructions and data implementing desired functions, such
as those described above for embodiments of a transaction
management module are shown stored within system memory 1320 as
program instructions 1325 and data storage 1335, respectively. In
other embodiments, program instructions and/or data may be
received, sent or stored upon different types of
computer-accessible media or on similar media separate from system
memory 1320 or computer system 1300. Generally speaking, a
computer-accessible medium may include storage media or memory
media such as magnetic or optical media, e.g., disk or CD/DVD-ROM
coupled to computer system 1300 via I/O interface 1330. Program
instructions and data stored via a computer-accessible medium may
be transmitted by transmission media or signals such as electrical,
electromagnetic, or digital signals, which may be conveyed via a
communication medium such as a network and/or a wireless link, such
as may be implemented via network interface 1340.
[0145] In one embodiment, I/O interface 1330 may be configured to
coordinate I/O traffic between processor 1310, system memory 1320,
and any peripheral devices in the device, including network
interface 1340 or other peripheral interfaces, such as input/output
devices 1350. In some embodiments, I/O interface 1330 may perform
any necessary protocol, timing or other data transformations to
convert data signals from one component (e.g., system memory 1320)
into a format suitable for use by another component (e.g.,
processor 1310). In some embodiments, I/O interface 1330 may
include support for devices attached through various types of
peripheral buses, such as a variant of the Peripheral Component
Interconnect (PCI) bus standard or the Universal Serial Bus (USB)
standard, for example. In some embodiments, the function of I/O
interface 1330 may be split into two or more separate components,
such as a north bridge and a south bridge, for example. In
addition, in some embodiments some or all of the functionality of
I/O interface 1330, such as an interface to system memory 1320, may
be incorporated directly into processor 1310.
[0146] Network interface 1340 may be configured to allow data to be
exchanged between computer system 1300 and other devices attached
to a network, such as other computer systems, or between nodes of
computer system 1300. In various embodiments, network interface
1340 may support communication via wired or wireless general data
networks, such as any suitable type of Ethernet network, for
example; via telecommunications/telephony networks such as analog
voice networks or digital fiber communications networks; via
storage area networks such as Fibre Channel SANs, or via any other
suitable type of network and/or protocol.
[0147] Input/output devices 1350 may, in some embodiments, include
one or more display terminals, keyboards, keypads, touchpads,
scanning devices, voice or optical recognition devices, or any
other devices suitable for entering or retrieving data by one or
more computer system 1300. Multiple input/output devices 1350 may
be present in computer system 1300 or may be distributed on various
nodes of computer system 1300. In some embodiments, similar
input/output devices may be separate from computer system 1300 and
may interact with one or more nodes of computer system 1300 through
a wired or wireless connection, such as over network interface
1340.
[0148] As shown in FIG. 13, memory 1320 may include program
instructions 1325, configured to implement embodiments of a
decomposition recording module as described herein, and data
storage 1235, comprising various data accessible by program
instructions 1225. In one embodiment, program instructions 1225 may
include software elements of embodiments of a transaction
management module as illustrated in the above Figures. Data storage
1235 may include data that may be used in embodiments. In other
embodiments, other or different software elements and data may be
included.
[0149] Those skilled in the art will appreciate that computer
system 1200 is merely illustrative and is not intended to limit the
scope of a transaction management module as described herein. In
particular, the computer system and devices may include any
combination of hardware or software that can perform the indicated
functions, including a computer, personal computer system, desktop
computer, laptop, notebook, or netbook computer, mainframe computer
system, handheld computer, workstation, network computer, a camera,
a set top box, a mobile device, network device, internet appliance,
PDA, wireless phones, pagers, a consumer device, video game
console, handheld video game device, application server, storage
device, a peripheral device such as a switch, modem, router, or in
general any type of computing or electronic device. Computer system
1200 may also be connected to other devices that are not
illustrated, or instead may operate as a stand-alone system. In
addition, the functionality provided by the illustrated components
may in some embodiments be combined in fewer components or
distributed in additional components. Similarly, in some
embodiments, the functionality of some of the illustrated
components may not be provided and/or other additional
functionality may be available.
[0150] Those skilled in the art will also appreciate that, while
various items are illustrated as being stored in memory or on
storage while being used, these items or portions of them may be
transferred between memory and other storage devices for purposes
of memory management and data integrity. Alternatively, in other
embodiments some or all of the software components may execute in
memory on another device and communicate with the illustrated
computer system via inter-computer communication. Some or all of
the system components or data structures may also be stored (e.g.,
as instructions or structured data) on a computer-accessible medium
or a portable article to be read by an appropriate drive, various
examples of which are described above. In some embodiments,
instructions stored on a computer-accessible medium separate from
computer system 1200 may be transmitted to computer system 1200 via
transmission media or signals such as electrical, electromagnetic,
or digital signals, conveyed via a communication medium such as a
network and/or a wireless link. Various embodiments may further
include receiving, sending or storing instructions and/or data
implemented in accordance with the foregoing description upon a
computer-accessible medium. Accordingly, the present invention may
be practiced with other computer system configurations.
CONCLUSION
[0151] Various embodiments may further include receiving, sending
or storing instructions and/or data implemented in accordance with
the foregoing description upon a computer-accessible medium.
Generally speaking, a computer-accessible medium may include
storage media or memory media such as magnetic or optical media,
e.g., disk or DVD/CD-ROM, volatile or non-volatile media such as
RAM (e.g. SDRAM, DDR, RDRAM, SRAM, etc.), ROM, etc., as well as
transmission media or signals such as electrical, electromagnetic,
or digital signals, conveyed via a communication medium such as
network and/or a wireless link.
[0152] The various methods as illustrated in the Figures and
described herein represent example embodiments of methods. The
methods may be implemented in software, hardware, or a combination
thereof. The order of method may be changed, and various elements
may be added, reordered, combined, omitted, modified, etc.
[0153] Various modifications and changes may be made as would be
obvious to a person skilled in the art having the benefit of this
disclosure. It is intended that the invention embrace all such
modifications and changes and, accordingly, the above description
to be regarded in an illustrative rather than a restrictive
sense.
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