The trader buys a Bitcoin futures contract on December 01 for $30,100.00. A few days later, December 07, the price rallies to $31,100.00. The trader sells and closes out the position and takes a profit. There are no fees or commissions on the trades. What Internal Revenue Code Section(s) applies to this trade? Describe how it would be taxed. 

Answer rating: 100% (QA)

The Internal Revenue Code IRC sections that apply to the trade of Bitcoin futures contracts and similar financial instruments are primarily Section 12... View the full answer