RATE Group | Crypto Tax Bill Introduced in the US House of Representatives
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Crypto Tax Bill Introduced in the US House of Representatives

08 Aug Crypto Tax Bill Introduced in the US House of Representatives

Posted at 03:09h in Cryptocurrency News by

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A tax bill seeking to allow the exclusion of gain or loss on like-kind exchanges of virtual currency has been introduced in the United States House of Representatives.

To amend the Internal Revenue Code of 1986

The bill dubbed the “Virtual Value Tax Fix Act of 2019” was initially introduced by Rep. Ted Budd (NC-R) on July 25 and referred to the Committee on Ways and Means. The bill seeks to introduce amendments to the Internal Revenue Code of 1986, which specifically determines:

“No gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if such real property is exchanged solely for real property of like kind which is to be held either for productive use in a trade or business or for investment.”

The bill is seeking so that “the exchange of virtual currency for virtual currency of like kind shall be treated in the same manner as the exchange of real property for real property of like kind.”

In…

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