IRS Can't Tax Man's Crypto That He Created, Court Told

Law360 (May 26, 2021, 6:08 PM EDT) -- Mining cryptocurrency is not a taxable transaction because it is the creation of property, much like a baker making a cake, a Tennessee couple told a federal court Tuesday in seeking a refund from the Internal Revenue Service.

The IRS must wait until the currency is exchanged or sold before it can be taxed, the couple, Joshua and Jessica Jarrett, said in a complaint filed with the U.S. District Court for the Middle District of Tennessee.

Joshua Jarrett in 2019 used his resources to create 8,876 new units of cryptocurrency known as Tezos tokens, according to the complaint. He sold none....

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