Rule2024-17946
Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions; Correction
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 16, 2024
Effective
September 9, 2024
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
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.
Full Text
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<title>Federal Register, Volume 89 Issue 159 (Friday, August 16, 2024)</title>
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[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 [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-17946]
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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.
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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.
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, <a href="https://dune.com/browse/dashboards">https://dune.com/browse/dashboards</a>
(last visited October 30, 2023); Dune Analytics, <a href="https://github.com/duneanalytics/spellbook/tree/main">https://github.com/duneanalytics/spellbook/tree/main</a> (last visited October 30, 2023); The
Block, <a href="https://www.theblock.co/data/cryptomarkets/spot/cryptocurrency-exchange-volumemonthly">https://www.theblock.co/data/cryptomarkets/spot/cryptocurrency-exchange-volumemonthly</a> (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
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