Sentences with phrase «value of the virtual currency as»

A-8: Yes, when a taxpayer successfully «mines» virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income.

A-8: Yes, when a taxpayer successfully «mines» virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income.

Not exact matches

The price of bitcoin, the world's most well - known virtual currency, lost almost one fifth of its value to $ 15,800 this week after peaking as high as $ 19,666 on Sunday, as feverish demand ebbed slightly after the exchange giant CME Group and its rival Cboe Global Markets listed bitcoin futures.

The price of bitcoin surged through $ 10,000 on Wednesday, adding to its ten-fold jump in value this year and fueling a debate as to whether the virtual currency is gaining mainstream acceptance or is merely a bubble waiting to burst.

The bill defines virtual currency as «a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but does not have legal tender status as recognized by the United States government.»

«When tied to virtual currencies, this technology aims to serve as a new store of value, facilitate secure payments, enable asset transfers, and power new applications.»

Therefore, taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of payment or receipt.

It does not include software, protocol governing transfers of the digital representation of value, transactions which merchants grant as part of a reward or affinity program in which value can not be exchanged for tender, bank credit, or virtual currency.

Taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of payment or receipt.

According to the IRS, «Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and / or a store of value.

A taxpayer who receives virtual currency as payment for goods or services must, in computing gross income, include the fair market value of the virtual currency, measured in U.S. dollars, as of the date that the virtual currency was received.

The Finance Ministry of India touted what it perceives as a lack of intrinsic value in virtual currencies as reason to equate them with Ponzi schemes.

At only two pages, the concise bill is not very substantive, save for a brief classification of «virtual currency» as «any type of digital representation of value that; 1) Is used as a medium of exchange, unit of account or store or value; and 2) Is not recognized as legal tender by the United States government.»

««Virtual currencies» means a digital representation of value that is neither issued by a central bank or a public authority, not attached to a legally established currency, which does not possess the legal status of currency or money, but is accepted by natural or legal persons as a means of exchange or for other purposes, and can be transferred, stored or traded electronically.

«There is therefore no government mechanism to guarantee the value of currency instruments known as virtual currencies,» the bank said.

Virtual currencies, he argued, are valued as highly as they are because of the «oxygen provided by the connection to standard means of payments and trading apps that link users to conventional bank accounts.»

A virtual currency now has the same value as a human life, plus the permanent disability of her (then) unborn child?

The biggest differecne between the value of a Bitcoin, or virtual nickel is: Outside of the Cult and pyramid scheme of the money for nothing non-asset based day trade, not a single person recognises this as currency.

It will not have been surprised to see that after an initial plunge in the value of virtual currencies following the bank's announcement, their worth has soared right back to where it started; nor will they be blind to the fact that this clearly represents the same Chinese investors going back in, whether through Hong Kong virtual exchanges like TideBit, or perhaps through Japan, which officially authorized 11 cryptocurrency exchanges in September just as China banned them (South Korea launched its own ban later in the month).

Way back in 2014, the IRS explained that virtual currency ought to be treated as property, and advised taxpayers that the receipt of virtual currency in exchange for goods or services should be computed in gross income at «fair market value.»

Additionally, FinCEN claimed regulation over American entities that manage bitcoins in a payment processor setting or as an exchanger: «In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.»

As used herein, «Digital Currency» means a digital asset (also called a «cryptocurrency,» «virtual currency»), such as, but not limited, bitcoin or ether, which is based on a cryptographic protocol (s) of an electronic system that may be (i) centralized or decentralized, (ii) proprietary or open - source, and (iii) used as a medium of exchange and / or store of valuAs used herein, «Digital Currency» means a digital asset (also called a «cryptocurrency,» «virtual currency»), such as, but not limited, bitcoin or ether, which is based on a cryptographic protocol (s) of an electronic system that may be (i) centralized or decentralized, (ii) proprietary or open - source, and (iii) used as a medium of exchange and / or store oCurrency» means a digital asset (also called a «cryptocurrency,» «virtual currency»), such as, but not limited, bitcoin or ether, which is based on a cryptographic protocol (s) of an electronic system that may be (i) centralized or decentralized, (ii) proprietary or open - source, and (iii) used as a medium of exchange and / or store ocurrency»), such as, but not limited, bitcoin or ether, which is based on a cryptographic protocol (s) of an electronic system that may be (i) centralized or decentralized, (ii) proprietary or open - source, and (iii) used as a medium of exchange and / or store of valuas, but not limited, bitcoin or ether, which is based on a cryptographic protocol (s) of an electronic system that may be (i) centralized or decentralized, (ii) proprietary or open - source, and (iii) used as a medium of exchange and / or store of valuas a medium of exchange and / or store of value.

Comparable treatment can be found in Europe, where EU member states exempt virtual currencies from taxation as a result of the Court of Justice of the European Union's ruling on October 22, 2015 stating that the exchange of traditional currency for Bitcoin virtual currency (and vice versa) is exempt from value added tax in the EU.

The proposal defines «virtual currencies» as a digital representation of value that can be digitally transferred, stored or traded and accepted by natural or legal persons as a medium of exchange, but does not have legal tender status.

To accomplish that, the bill adds a definition of virtual currency to the state's money services statute (8 V.S.A. § 2500 et seq.): «stored value that (A) can be a medium of exchange, a unit of account, or a store of value; (B) has an equivalent value in money or acts as a substitute for money; (C) may be centralized or decentralized; and (D) can be exchanged for money or other convertible virtual currency.»

It is the Registrant's view that Bitcoins should not be regarded as coins, or otherwise as collectibles, for purposes of section 408 (m), because Bitcoins are a virtual, rather than a fiat currency (see «Bitcoin Value,» above) and, as such, do not take the form of tangible personal property, in contrast to a coin or any of the other items defined as a «collectible» under Section 408 (m).

The 500 Amazon Coins, valued at $ 5, can be used to buy apps from the Amazon Appstore as well as in - app items, along with an incentive to continue buying packs of the virtual currency instead of usual cash transactions.

Investing in virtual currencies is considered highly speculative, as values can fluctuate significantly over short periods of time.

First, a donor giving virtual currency held short term (ie: less than one year) as a capital asset will be able to deduct the lesser of cost basis or fair market value up to 50 % of adjusted gross income.

The IRS defines the cost basis of the virtual currency as its fair market value when it was received.

Accordingly, you are strictly prohibited from selling, gifting (except as permitted herein) or exchanging Digital Objects, event tickets or other virtual Game items for currency or other value outside of the Game.

The massive fall in the value of Bitcoin yesterday was not due to a DDoS attack, but to a rash of new traders overwhelming systems as they rushed to get a slice of the virtual currency pie, insists exchange MT. Gox.

For example, to avoid money laundering, businesses must have the name and physical address of BOTH parties in the transaction: [blockquote person =» New York Department of Financial Services» attribution =» New York Department of Financial Services»] As part of its anti-money laundering compliance program, each firm shall maintain the following information for all transactions involving the payment, receipt, exchange or conversion, purchase, sale, transfer, or transmission of Virtual Currency: (1) the identity and physical addresses of the parties involved; (2) the amount or value of the transaction, including in what denomination purchased, sold, or transferred, and the method of payment; (3) the date the transaction was initiated and completed, and (4) a description of the transaction.

Consider what has happened to the founders of an upstart virtual currency known as Ripple, which has seen its value skyrocket in recent weeks.

In some environments, it operates like «real» currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance — but it does not have legal tender status in any jurisdiction...... Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as «convertible» virtual cuVirtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as «convertible» virtual cuvirtual currency.

Upon the initial sale of the virtual currency, we record the value purchased by a user as deferred revenue and deposits.

The value must be measured in U.S. dollars, as of the date that the virtual currency was received.

When a taxpayer successfully mines virtual currency, the fair market value of the virtual currency generated as of the date of receipt is includable in gross income.

To accomplish that, the bill adds a definition of virtual currency to the state's money services statute (8 V.S.A. § 2500 et seq.): «stored value that (A) can be a medium of exchange, a unit of account, or a store of value; (B) has an equivalent value in money or acts as a substitute for money; (C) may be centralized or decentralized; and (D) can be exchanged for money or other convertible virtual currency.»

Consequently, the fair market value of virtual currency received for services performed as an independent contractor, measured in U.S. dollars as of the date of receipt, constitutes self - employment income and is subject to the self - employment tax.

Must a taxpayer who receives virtual currency as payment for goods or services include in computing gross income the fair market value of the virtual currency?

Consequently, the fair market value of virtual currency paid as wages is subject to federal income tax withholding and federal insurance contributions.

For GOP Sen. Richard Shelby, the fear is «where the bottom is» when it comes to the value of virtual currency, which has whipsawed over the last few months — and lost as much as half its value in just weeks.

Virtual currency, as generally defined, is a digital representation of value that functions in the same manner as a country's traditional currency.

The law defines «virtual currencies» as any type of digital representation of value that is used as a medium of exchange, unit of account or store of value, and is not recognized as legal tender by the United States government.

In addition, a person is an exchanger and a money transmitter if the person accepts such de — centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.

Comments also revealed concerns from Walmart and Amazon that the definition of «virtual currency» might be so broad as to include its own prepaid value and gift cards.

«A person is an exchanger and a money transmitter if the person accepts convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.»

The IRS states that a «virtual currency... is a digital representation of value that functions in the same manner as a country's traditional currency.»

that any «seller and / or retailer of taxable goods or services that accept convertible virtual currency as payment must determine the fair market value of the currency in U.S. dollars as of the date of payment and charge the purchaser Sales Tax on the underlying transaction.»