Bloomberg Tax
June 27, 2023, 3:22 PM

Rethinking Qualified Appraisal Requirements for Cryptocurrency

Sahel Ahyaie Assar
Sahel Ahyaie Assar
Buchanan Ingersoll & Rooney PC

Consider an individual, Taxpayer A, who would like to donate to a charity, Charity B, which provides humanitarian aid in Eastern Ukraine. The date is March 2022, and Russia has just begun its invasion of Ukraine. Taxpayer A is limited by two options to send money. Option 1: Taxpayer A could transfer money to Charity B’s Ukrainian bank account. However, the exercise may be frustrated by Charity B’s bank being destroyed or inaccessible due to Russia’s bombing of Ukraine. Option 2: Taxpayer A could instantly send digital assets or cryptocurrency to Charity B’s digital wallet. Because the transfer is digital, ...

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