Federal SB2207 amends the Internal Revenue Code to reform the treatment of digital assets, including defining digital assets, modifying wash sale.
Federal SB2207 introduces significant changes to the Internal Revenue Code regarding the treatment of digital assets. It defines "digital asset" as any digital representation of value recorded on a cryptographically secured distributed ledger or similar technology. The bill modifies the wash sale rules to include digital assets, disallowing losses from wash sales of specified assets. It also adjusts the tax treatment of digital asset lending agreements, ensuring that income from such agreements is included in gross income.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.