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Proposed IRS Guidance on Non-Fungible Tokens—What It Says and Does Not Say  


Author:  Betsy Smith, Nicholas Mowbray, Rob Musiala & Teresa Goody  Guillén.


Source: Volume 40, Number 03, Spring 2023 , pp.43-47(5)




Journal of Taxation of Investments

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Abstract: 

The IRS issued first-of-a-kind guidance on the taxation of non-fungible tokens (NFTs) in March. The guidance addresses whether an NFT constitutes a collectible for federal income tax purposes. In the guidance, the IRS requests taxpayers to submit comments regarding this proposed treatment.

Keywords: non-fungible tokens, NFTs, crypto, collectibles, Notice 2023-27

Affiliations:  1: BakerHostetler.

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