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Digital Asset Tax Basis Allocation Plan

Digital Asset Tax Basis Allocation Plan

Pursuant to Revenue Procedure 2024-28

  • I have Digital Assets that has unused basis as of 1 January 2025.
  • I understand that I cannot apply this safe harbor cost basis allocation method to any assets acquired or transferred to me on or after 1 January 2025.
  • I will comply with the accounting methods described in 26 CFR § 1.1012-1(j) for digital assets acquired on or after 1 January 2025.
  • I do not currently have any digital assets that are under consideration by any court of the United States, the IRS Independent Office of Appeals, or subject to an examination by the IRS.
  • All of my digital assets are considered capital assets.
  • All units of unused basis were originally attached to a digital asset that was considered a capital asset.
  • I will allocate unused basis of digital assets only to the same type of digital asset that the basis originally derived from.
  • I have documented and maintained records to show the total number of digital assets being held in each of my wallets and accounts as of 1 January 2025.
  • I will prepare records sufficient to show the number of units of unused basis, the original cost basis of each unit of unused basis, and the acquisition date of the digital asset unit to which the unused basis was originally attached prior to the due date of my 2024 tax return (including extensions).
  • This allocation is irrevocable for all purposes of 26 USC § 1012.
  • I am choosing to allocate my units of unused cost basis as on 1 January 2025 based on the global allocation method ordered on a highest-in, first-out accounting method and allocated to the pool of remaining digital assets within each wallet.
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