More Charitable Crypto Donations Spur Calls For Rule Change
Law360 (January 22, 2021, 6:44 PM EST) -- As growth in digital currency values since March 2020 has made charitable donations of virtual currency more attractive, calls are coming for the Internal Revenue Service to change guidance in a way that could spur more philanthropy.
One practitioner suggested that some Internal Revenue Service guidance stating that cryptocurrency traded on a recognized exchange is "readily valued property" would help solve the problem of valuing charitable donations. (AP Photo/Rick Bowmer) Virtual currency prices have been volatile recently. The price for bitcoin, the largest virtual currency, started 2021 under $30,000. It topped $41,000 earlier in January and dropped below $31,000 before rising again, according...
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