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When taxpayers sell digital assets at a loss, their tax loss is quite straightforward. Their loss equals the amount that their tax basis exceeds the amount they received for the sale....
CCA quoted Tax Court case the effect that property is worthless only if an economic loss in the value of property is determined by the permanent closing of a transaction with respect to the property, to receive a Code Section 165 a loss, evidences the property is worthless.
This week: a fork in art’s relationship to NFTs, bidders back away from Christopher Wool, Barkley L. Hendricks’s sly left turn, and much more.
Our columnist checks in midway through a week of NFT madness with surprising thoughts on the art world's future in the crypto space.