In 2020, Louise purchased 1000 units of Dogecoin, a cryptocurrency, for $5,000. On June 9, 2022, she exchanged all 1000 units of Dogecoin for 1.57987 units of Ethereum, another cryptocurrency worth $150,000 on the date of exchange. What gain if any must Louise report in 2022?

In 2020, Louise purchased 1000 units of Dogecoin, a cryptocurrency, for $5,000. On June 9, 2022, she exchanged all 1000 units of Dogecoin for 1.57987 units of Ethereum, another cryptocurrency worth $150,000 on the date of exchange. What gain if any must Louise report in 2022?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 85P

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