Regarding Capital Gain and Debt Cancellation Income recognition when taxpayers transfer Bitcoin (Notice 2014-21, 2014-16...
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Regarding Capital Gain and Debt Cancellation Income recognition when taxpayers transfer Bitcoin (Notice 2014-21, 2014-16 IRB 938 states that Cryptocurrency like Bitcoin is property) to repay a loan balance.
1. Identify this high-level authoritative interpretation of IRC 1001 for such a situation. Does this authoritative guidance above cross-reference other IRC section(s) or authoritative interpretations. Identify those cross-references.
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