What is the basis of digital assets received by a taxpayer as payment for goods and services?
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Question:
What is the basis of digital assets received by a taxpayer as payment for goods and services?
A) The fair market value of the digital assets in U.S. dollars as of the date of receipt.
B) The fair market value of the digital assets in U.S. dollars as of the date it is subsequently traded.
C) The cost of the goods and services traded for the digital assets as of the date of receipt.
D) $0.
Related Book For
South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357109144
20th Edition
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
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