Are Cryptos Securities or Not?

Clinton discusses the two private letter memorandums issued by the IRS’ chief counsel office in January 2023 regarding the treatment of cryptocurrencies for taxation purposes. He explores the definition of the term "security," which is a term of art and has a specific meaning in the tax code, and he notes that the definition of "security" is not applicable to cryptocurrencies. However, he also points out that terms such as "share of stock in a corporation" are also terms of art and defined in a different section of the tax law. Therefore, it is important to consider the specific context in which a term is used in the tax code to determine its meaning.

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▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬
00:00 Introduction
03:23 IRS Chief Counsel ruling on cryptos
04:15 Reading straight from the log
04:59 On worthless securities
06:17 Universal tax code definitions
07:39 DAOs as associations
08:56 What’s a security?
09:47 Are you a crypto shareholder?
10:43 What about the court cases?
11:55 Conservative or aggressive?
13:21 It’s a matter of interpretation
15:05 A strawman set of facts
15:52 Cryptos are not securities
16:20 Taxes are sexy

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📣 Host: Clinton Donnelly
Twitter 👉 https://twitter.com/CryptoTaxFixer

Clinton Donnelly, LLM, EA, is the president and founder of CryptoTaxAudit. Clinton holds an advanced law degree in international financial planning and taxation. He is an enrolled agent authorized to represent taxpayers before the IRS. Clinton also holds a Certified Cryptoasset Anti-Financial Crime Specialist certification.

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🐋 Sponsor: CryptoTaxAudit

CryptoTaxAudit, the crypto tax and IRS audit experts, sponsored this episode.

Founded in 2015, CryptoTaxAudit is a full-service tax preparation, crypto calculation, and audit defense company. Clinton Donnelly founded the company and currently serves as its president. Clinton has assembled an experienced team of crypto tax experts, including CPAs, enrolled agents, forensic accountants, and gain calculation analysts. The company’s crypto experts deliver personalized services to help clients get into compliance, develop their tax strategies, and receive professional representation before the IRS.

CryptoTaxAudit protects its clients with Audit Defense, its flagship membership service. Audit Defense membership counters the growing cost of defense against the IRS by providing a cost-effective option for crypto traders and investors.

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All opinions expressed by the show’s host and guests are their own. Do not construe them as tax, legal, or financial advice. In addition, they may not represent the policies or opinions of our sponsor, CryptoTaxAudit. Research legal, tax, and financial guidance and advice as needed.

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