) tokens they created in 2019 were not income and should not have been taxed as such. The complaint also claimed that the government was attempting to do something “unprecedented, which is tax creative activity rather than income.”
“Taxing newly created cakes, books, or tokens as income would have far-reaching and detrimental effects on taxpayers and the U.S. economy, and is without support in the Internal Revenue Code, regulations, caselaw, or the Constitution.” According to court filings expected to be made public on Thursday the IRS declared it would follow through with the Jarretts’ request to refund with ”statutory interest as provided by the law” the $3,793 that the Jarretts paid for their unclaimed rewards last year.whether they have “received, sold, exchanged, or otherwise disposed of any financial interest in any virtual currency”, but none of those descriptors seem to pertain directly to the Jarretts’ unsold and unclaimed rewards.
Source: Law Daily Report (lawdailyreport.net)
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