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Your interpretation makes sense to me. However, the problem is that the IRS didn't actually state that in their limited guidance.
by jkepler 7y ago
Your interpretation makes sense to me. However, the problem is that the IRS didn't actually state that in their limited guidance.
- dragonwriter 7y agoI think it's the most reasonable reading of the guidance, but I would agree that it would be vastly superior if this (or some other treatment) was made quite explicit. Guidance should do a better job of guiding.
- nullc 7y agoHow do you square your interpretation with the text at the top of page 5? It appears to be saying in situation 1 you have no N-coins at all. By exclusion, situation 2 would apply if you have the new coins and it clearly states taxes are owned on the market value in that case.
- gamblor956 7y agoNot sure I understand your confusion. If you don't receive the forked coins (situation 1) you don't have income. It doesn't matter why you didn't get any of the forked coins.
- nullc 7y agoI was reading the top of page 5 as "the user doesn't have any crypto N after the hardfork". I understand your reading now.