WebThe revenue ruling concludes that a taxpayer has gross income, ordinary in character, under section 61 as a result of an airdrop of a new cryptocurrency following a hard fork if … WebOct 11, 2024 · The revenue ruling addresses: (1) whether a hard fork of a cryptocurrency creates taxable income under § 61 if the taxpayer does not receive the new …
IRS Issues New Guidance On The Tax Treatment Of Cryptocurrency …
WebOct 9, 2024 · The Revenue Ruling focuses on the tax treatment of a cryptocurrency hard fork (you can read my take from 2024 on forks here ). In addition, the FAQs address … WebApr 10, 2024 · The principal author of this revenue ruling is Kathleen Edmondson of the Office of Associate Chief Counsel (Employee Benefits, Exempt Organizations and Employment Taxes). For further information regarding this revenue ruling, contact Ms. Edmondson at (202) 317-6798 (not a toll-free number). Part III luxury hotels in skye scotland
IRS Issues Long-Awaited Cryptocurrency Guidance in …
WebRevenue ruling. On Oct. 9, the IRS released an authoritative revenue ruling that specifically addresses situations in which a taxpayer receives auto-generated cryptocurrency. According to the IRS, this type of situation – known as a hard fork and airdrop – always triggers a tax obligation. WebJan 23, 2024 · See Rev. Rul. 2024-24. 14 As digital assets (which includes cryptocurrency, stablecoin, and central bank digital currency (CBDC)) regulation and legislation continues to develop in 2024, it will be important to follow how the IRS and other relevant federal entities address related issues and topics. WebOct 9, 2024 · According to Rev. Rul. 2024-24, the IRS believes these transactions should be characterized as ordinary income. The ruling goes on to provide examples showing that ordinary, recognized income would … luxury hotels in sioux falls sd