virtual currency: The Taxation of Hard Forks
- 05/06/18 11:55 AM
What are the tax implications of a cryptocurrency Hard Fork? Does the holder of a cryptocurrency that undergoes a Hard Fork realize taxable income? If so, how does one determine the amount of the income and when, exactly, it is received? These are not easy questions to answer. What is a Hard Fork? A Hard Fork—sometimes referred to as a “Chain Split” or “Coin Split”—occurs when a new branch of a cryptocurrency splits off from the original cryptocurrency. The new branch shares a common history on the cryptocurrency’s blockchain (its ledger) up until the point of the split, and is thereafter maintained separately on … (1 comments)
virtual currency: Bitcoin, Blockchain, and the Revolution to Come
- 05/02/18 06:15 PM
We are in the midst of a revolution-a digital transformation driven by what many believe could be the most powerful decentralizing force since the rise of the Internet: Blockchain. It is difficult to overstate the potential impact of this technology and its applications. Much as the double-entry system of accounting-first codified by Luca Pacioli, the “father of accounting”-laid the groundwork for the rise of capitalism and, it has been argued, even modern nation-states, blockchain carries the capacity to create a “World Wide Ledger” that could record the exchange and providence of virtually everything of value. It promises to allow far-flung parties … (27 comments)
What are the tax implications of a cryptocurrency Hard Fork? Does the holder of a cryptocurrency that undergoes a Hard Fork realize taxable income? If so, how does one determine the amount of the income and when, exactly, it is received? These are not easy questions to answer.
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