Treasury Department Final Rule

2024-17946: Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions; Correction

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Summary

This document includes corrections to the final regulations (Treasury Decision 10000) published in the Federal Register on Tuesday, July 9, 2024, regarding information reporting and the determination of amount realized and basis for certain digital asset sales and exchanges.

The agency’s own summary, as published.

The rule, in full

819 words as published, August 16, 2024. View the original →

Federal Register, Volume 89 Issue 159 (Friday, August 16, 2024) [Federal Register Volume 89, Number 159 (Friday, August 16, 2024)] [Rules and Regulations] [Page 66563] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2024-17946] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 1, 31, and 301 [TD 10000] RIN 1545-BP71 Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions; Correction

Agency

Internal Revenue Service (IRS), Treasury.

Action

Final rule; correction. -----------------------------------------------------------------------

Summary

Dates

These corrections are effective on September 9, 2024.

For Further Information Contact

Concerning the final regulations under sections 1001 and 1012, Alexa Dubert or Kyle Walker of the Office of the Associate Chief Counsel (Income Tax and Accounting) at (202) 317- 4718; concerning the international sections of the final regulations under sections 3406 and 6045, John Sweeney or Alan Williams of the Office of the Associate Chief Counsel (International) at (202) 317- 6933; and concerning the remainder of the final regulations under sections 3406, 6045, 6045A, 6045B, 6050W, 6721, and 6722, Roseann Cutrone of the Office of the Associate Chief Counsel (Procedure and Administration) at (202) 317-5436 (not toll-free numbers).

Supplementary Information

Background The final regulations (TD 10000) subject to these corrections are issued under sections 1001, 1012, 3406, 6045, 6045A, 6045B, 6050W, 6721, and 6722 of the Internal Revenue Code. Corrections of Publication Accordingly, FR Doc. 2024-14004 (TD 10000), appearing on page 56480 in the Federal Register of Tuesday, July 9, 2024, is corrected as follows:

1. On page 56488, in the second column, the eighth line from the

bottom of the column, is corrected to read ``B) and not as a digital asset sale described'';

2. On page 56489, in the first column, the eighth line from the

bottom of the first full paragraph is corrected to read ``(and not by any customers or investors)'';

3. On page 56490, in the third column, the fourteenth line from the

top is corrected to read ``these final regulations, provides that'';

4. On page 56499, in the first column, in the eleventh line from

the bottom, the word ``consequence'' is corrected to read ``consequences'';

5. On page 56502, in the third column, the nineteenth line from the

bottom, is corrected to read ``returns under section 6045 is March 31 of the'';

6. On page 56502, in the third column, the tenth line from the

bottom, is corrected to read ``before the statute of limitations'';

7. On page 56504, in the third column, in the twenty-fourth line of

the first full paragraph, the word ``stablecoins'' is corrected to read, ``stablecoin'';

8. On page 56508, in the first column, the fourth line of the

continuing paragraph is corrected to read, ``According to comments, the average'';

9. On page 56508, in the first column, in the tenth line of the

continuing paragraph the word ``comment'' is corrected to read ``comments'';

10. On page 56508, in the first column, the first line of footnote

3 is corrected to read ``One comment cited an article that referenced a report from'';

11. On page 56508, in the first column, the fourth and fifth

sentences of footnote 3 are corrected to read ``Another said: ``The data sets underlying these estimates consist of public blockchain data regarding NFT volume, centralized exchange volume, and decentralized exchange volume. See Dune Analytics, https://dune.com/browse/dashboards (last visited October 30, 2023); Dune Analytics, https://github.com/duneanalytics/spellbook/tree/main (last visited October 30, 2023); The Block, https://www.theblock.co/data/cryptomarkets/spot/cryptocurrency-exchange-volumemonthly (last visited Oct. 30, 2023).'' ``;

12. On page 56508, in the first column, the first line of footnote

4 is corrected to read ``One comment referenced data'';

13. On page 56516, in the third column, the third line of the

continuing paragraph, ``non-U.S. digital asset broker, a'', is removed;

14. On page 56517, in the first column, the twelfth line from the

bottom of the continuing paragraph is corrected to read ``activities as an MSB was permitted'';

15. On page 56521, in the third column, in the fifth line of the

first full paragraph the language ``Am.'' is corrected to read ``Amend'';

16. On page 56536, in the third column, in the eighth line from the

bottom of the first full paragraph, the word ``stablecoins'' is corrected to read ``stablecoin''; and

17. On page 56542, in the first column, the sixth sentence of the

second full paragraph is corrected to read, ``Based on tax return data, only 200 of the 9,700 firms identified as impacted issuers in the upper bound estimate exceed the $41.5 million threshold.''. Oluwafunmilayo A. Taylor, Section Chief, Publications and Regulations Section, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 2024-17946 Filed 8-15-24; 8:45 am] BILLING CODE 4830-01-P

What this changes

Amends 3 parts of the Code of Federal Regulations — the standing rules this notice rewrites.

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2024-17946: Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions; Correction

Get alerted when the next rule lands

Summary

The rule, in full

Agency

Action

Summary

Dates

For Further Information Contact

Supplementary Information

1. On page 56488, in the second column, the eighth line from the

2. On page 56489, in the first column, the eighth line from the

3. On page 56490, in the third column, the fourteenth line from the

4. On page 56499, in the first column, in the eleventh line from

5. On page 56502, in the third column, the nineteenth line from the

6. On page 56502, in the third column, the tenth line from the

7. On page 56504, in the third column, in the twenty-fourth line of

8. On page 56508, in the first column, the fourth line of the

9. On page 56508, in the first column, in the tenth line of the

10. On page 56508, in the first column, the first line of footnote

11. On page 56508, in the first column, the fourth and fifth

12. On page 56508, in the first column, the first line of footnote

13. On page 56516, in the third column, the third line of the

14. On page 56517, in the first column, the twelfth line from the

15. On page 56521, in the third column, in the fifth line of the

16. On page 56536, in the third column, in the eighth line from the

17. On page 56542, in the first column, the sixth sentence of the

What this changes

Rulemaking docket

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