Cadwalader

Cadwalader, Wickersham & Taft LLP: The Top Legal Minds

-The Virtual Currency Tax Fairness Act would exclude from gross income gain on certain de minimis virtual currency transactions where the total value and total gain is less than or equal to $50, adjusted for inflation after 2023.
-Additional limitations would apply, including an aggregation rule as well as restrictions on the types of property which may be received in the exchange, such as where the taxpayer receives cash or cash equivalents, or property used in the taxpayers trade or business or property held for the production of income.

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