Taxed as “wages” according to the IRS even though it actually has no present value because it’s not liquid / has no market / has no arms length value. “Earned

Taxed as “wages” according to the IRS even though it actually has no present value because it’s not liquid / has no market / has no arms length value. “Earned income” is the absolute worst way to receive an asset with tax rates over 50% in some cases. The only thing worse than wages is getting an illiquid/unsellable and highly risky asset that counts as wages based on a made-up valuation which the company is incentivized to inflate.