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What the Fork?: New IRS Guidance on Cryptocurrency Transactions May Confuse Taxpayers, but …

What the Fork?: New IRS Guidance on Cryptocurrency Transactions May Confuse Taxpayers, but Makes Sense When Terminology is Translated

The Internal Revenue Service (“IRS”) recently issued guidance to help taxpayers properly report transactions involving cryptocurrencies and, in particular, hard forks and airdrops. This guidance is crucial to understanding the U.S. federal income tax treatment of these transactions, but accurately applying it requires an understanding and interpretation of existing law and how that shapes the “IRS’s” intent regarding these highly technical events.