Our company held a token through a hard fork, but we never received any new tokens. Is there still income?
The treasury wallet sat through a blockchain hard fork, and the team immediately assumed we had a tax event because everyone had read older articles saying forks were taxable. But in our case no new asset was actually received into a wallet we control. There was no airdrop, no credited balance, and no ability to transfer anything new.
I want to know whether the IRS still treats that as gross income even without new units. If Rev. Rul. 2019-24 really distinguishes between a fork by itself and a fork followed by an airdrop, that distinction matters a lot to our year-end books.
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