Question: "Foreign Tax Currency and Transfer of Property to Foreign Corporations" Please respond to the following:
Go to the IRS Website, located at https://www.irs.gov, to search and read Notice 2014-21 (IRS Virtual Currency Guidance).
Based on your review of Notice 2014-21, identify two (2) tax consequences that may result from dealing in convertible virtual currency then provide one (1) scenario to support the potential tax consequences.
Imagine you are a CPA representing a client preparing for the formation of a foreign corporation. Create a plan for the client to transfer property into the foreign corporation that will generate the least tax consequences. Explain the main reasons why you believe your plan would be effective.