A taxpayer is engaged in the activity of mining Bitcoin (a virtual currency) during the year. They
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Question:
A taxpayer is engaged in the activity of mining Bitcoin (a virtual currency) during the year. They received a net amount of $15,000 in transactions during the year and $1,500 in Bitcoin for compensation engaging in some freelance work.Which of the following best describes the amount and type of income connected to this activity?
$16,500 in capital gains income. | |
$16,500 in self-employment income. | |
$15,000 in self-employment and $1,500 in capital gains income. | |
$15,000 in capital gains and $1,500 in self-employment income. |
Related Book For
Auditing The Art and Science of Assurance Engagements
ISBN: 978-0133405507
13th Canadian edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones
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