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Abstract: 

This note provides an overview of recent developments in the following areas: the tax treatment of virtual currencies; the character of gain in some special circumstances; realization and other related issues; the passive activity loss rules of Section 469; the at-risk rules of Section 465; the issue of economic substance; basis and capitalization; and the tax consequences of home ownership.

Keywords: virtual currencies; Notice 2014-21; ordinary income vs. capital gain; income realization; passive activity losses; at-risk rules; IRC Sec. 1341; economic substance; basis; capitalization; foreclosures; first-time homebuyer credit

Affiliations:  1: Case Western Reserve University School of Law.