A TOKEN GESTURE: TAX CONSIDERATIONS FOR CRYPTOCURRENCIES AND UTILITY TOKENS Presented By: John T. Lutz, Esq. , Panel Chair McDermott Will & Emery LLP New York City Karl T. Walli, Esq. Senior Counsel, Office of Tax Policy U.S. Department of the Treasury Washington, DC Edward E. Gonzalez, Esq. Skadden, Arps, Slate, Meagher & Flom LLP New York City Lisa M. Zarlenga, Esq. Steptoe & Johnson Washington, DC Section of Taxation Suite 400 1050 Connecticut Avenue, NW Washington, DC 20036 202-662-8670 FAX: 202-662-8682 E-mail:
[email protected] OFFICERS Chair Karen L. Hawkins Yachats, OR March 19, 2018 Chair-Elect Eric Solomon Washington, DC The Honorable David Kautter Vice Chairs Administration Acting Commissioner Charles P. Rettig Beverly Hills, CA Internal Revenue Service Committee Operations Scott D. Michel 1111 Constitution Avenue, NW Washington, DC Continuing Legal Education Washington, DC 20024 Fred F. Murray Gainesville, FL Government Relations Julian Y. Kim Re: Tax Treatment of Cryptocurrency Hard Forks for Taxable Year 2017 Washington, DC Pro Bono and Outreach Bahar A. Schippel Dear Acting Commissioner Kautter: Phoenix, AZ Publications Julie A. Divola San Francisco, CA Enclosed please find comments regarding the federal income tax treatment of Secretary Katherine E. David cryptocurrency hard forks that have taken place in 2017 (“Comments”). These Comments San Antonio, TX Assistant Secretary are submitted on behalf of the American Bar Association Section of Taxation and have not Robb A. Longman Bethesda, MD been approved by the House of Delegates or the Board of Governors of the American Bar COUNCIL Association. Section Delegates to the House of Delegates Richard M.