Federal Tax Update: Court Unimpressed by Claimed CRAT Magic

https://vimeo.com/822560005

https://www.currentfederaltaxdevelopments.com/podcasts/2023/5/1/2023-04-30-court-unimpressed-by-claimed-crat-magic

 

This week we look at:

• More CRAT problems - but this one the IRS had warned against using
• Change of protocol underlying cryptocurrency from proof of work to proof of stake is not a taxable event
• Fact some countries now treat Bitcoin as legal tender does not change its status as property, not foreign currency
• Taxpayer finds they had to wait a year to claim a deduction for cashier’s check purchased to settle legal dispute