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Abraham Sutherland

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Manage episode 277907232 series 2790746
Content provided by Coin Center, Jerry Brito, Peter Van Valkenburgh, Neeraj Agrawal, and Robin Weisman. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Coin Center, Jerry Brito, Peter Van Valkenburgh, Neeraj Agrawal, and Robin Weisman or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.

Abe’s research has spurred Coin Center to advocate for different tax treatment of block rewards. The IRS issued guidance in 2014, explaining that cryptocurrency was property and should be taxed as income when received by a miner. As Abe has pointed out, no other newly created property is taxed at the moment it is made by the taxpayer. A farmer owes taxes when she sells her corn, not when it appears in her fields. Abe first developed his analysis in the context of proof of stake cryptocurrencies but the same logic should apply to Bitcoin block rewards as well. Peter and Abe explore the history of the IRS’s treatment of block rewards and discuss their hopes for a change in treatment.

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34 episoade

Artwork
iconDistribuie
 
Manage episode 277907232 series 2790746
Content provided by Coin Center, Jerry Brito, Peter Van Valkenburgh, Neeraj Agrawal, and Robin Weisman. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Coin Center, Jerry Brito, Peter Van Valkenburgh, Neeraj Agrawal, and Robin Weisman or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.

Abe’s research has spurred Coin Center to advocate for different tax treatment of block rewards. The IRS issued guidance in 2014, explaining that cryptocurrency was property and should be taxed as income when received by a miner. As Abe has pointed out, no other newly created property is taxed at the moment it is made by the taxpayer. A farmer owes taxes when she sells her corn, not when it appears in her fields. Abe first developed his analysis in the context of proof of stake cryptocurrencies but the same logic should apply to Bitcoin block rewards as well. Peter and Abe explore the history of the IRS’s treatment of block rewards and discuss their hopes for a change in treatment.

  continue reading

34 episoade

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