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- Title
The ABCS of the Taxation of Virtual Currency.
- Authors
Kess, Sidney; Riggs, Thomas
- Abstract
Digital despite assets their popularity have gone as mainstream. investments, Yet as well as their use in commerce, the IRS has issued sparse guidance with respect to the taxation of virtual currencies and digital activity in general. Determination of Market Value Depending on the context, the market value of a virtual currency or other digital asset may first need to be determined in order to properly report taxable income from a particular digital transaction. The business would take a tax basis in the asset equal to the market value upon receipt. As such, the tax rules applicable to property transactions in general apply to transactions using virtual currency - as opposed to the detailed and targeted statutory framework surrounding the taxation of commodities and fiat currencies.
- Subjects
UNITED States. Internal Revenue Service; ELECTRONIC money; CRYPTOCURRENCIES; CAPITAL gains; MARKET value; TAXATION; TAXPAYER account numbers; ASSETS (Accounting); NON-fungible tokens
- Publication
CPA Journal, 2022, Vol 92, Issue 5/6, p46
- ISSN
0732-8435
- Publication type
Article