So-called "virtual worlds" have gotten lots of buzz lately. These are communities where people can hangout, build things, trade and so on.

Even companies like IBM (NYSE: IBM) use virtual worlds to do things like management training.

Well, this week, Disney (NYSE: DIS) shelled out $350 million for Club Penguin, which is a virtual world that's focused on kids between the ages of 6 to 14. Basically, a kid can do things like furnish their igloo home.

The business model involves a combination of premium subscriptions ($5.95 per month) as well as merchandising (gift cards, t-shirts).

I had a chance to interview Robert Botch, who is a veteran of the gaming world and operates TidePool Partners. He is also a director of a virtual world, FakeTown.

No doubt, the video game business is huge – even bigger than the movie business. In fact, developing a game can be like making a movie.

Not only that, but over the past few years, the game world has become a big business for its users. That is, virtual-world games like World of Warcraft, Second Life and EverQuest allow users to use real-life cash to make things happen. Need to buy virtual land or a weapon? Need some extra powers? It's all possible for the right price.

And the price is right. Some people have an actual six figure income from this virtual trading activity.

Did someone say income? Well, isn't this a word the IRS likes to hear? And once the IRS hears 'income' it also likes to get a piece of it, regardless of the (virtual) source. This is exactly the take from a recent CNET News.com article.

Seems kind of strange? It does, but hey, there are many virtual assets that are subject to taxes; assets such as options, futures and so on. Why not computer gaming assets then?

There is another issue: Suppose a computer gamer dies. Can he gift his game assets to his heirs? And if so, will these be subject to taxation? Tax lawyers will have a field day with this stuff.

Alas, for skillful game players, this means that there may eventually be some nasty notices from the IRS.

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates DealProfiles.com.