Scroll past the first story about DeepSeek—boring! who cares—and there's a lengthy segment on unrealized gains for bitcoin being taxed or not.
It's actually not even that, since the U.S. tax code is pretty adamant on not taxing things before you've realized the profits.
if you buy a bunch of publicly traded stock, and the stock goes up, should you treat that increase as income in your financial statements? The US GAAP answer used to be mostly “no,” but now it is mostly “yes.”
Strange bedfellows in MSTR and Buffett:
And in fact Warren Buffett has been famously mad about this rule for years, saying in 2018 that it “will severely distort Berkshire’s net income figures and very often mislead commentators and investors.”
This is a straightforward set of policy choices: The tax code doesn’t tax unrealized stock gains, but GAAP does count them as income. And so the rules say that you can ignore this bit of GAAP for calculating the corporate alternative minimum tax.
But accounting wise, it's sometimes a different story. So the trouble is whether corporations should count bitcoin gains as income—and then basically as a consequence whether that incurs income tax.
"a lot of what will actually matter is stuff like this, technical tax and accounting fixes to make crypto less disfavored. (Or like the US Securities and Exchange Commission’s decision last week to get rid of Staff Accounting Bulletin No. 121, which had made it hard for traditional financial firms to custody crypto assets."
Nice read. Levine keeps being interesting (#867476)
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