What you advise to client regarding income tax consequences, Taxation

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What you advise to client regarding income tax consequences

Problem

Your client Jane is an investor in Bigcoin, a virtual currency. During the year she had the following transactions related to the Bigcoin,

• Earns $1,000 in Bigcoin from mining.
• Purchases $1,000 in Bigcoin from a friend.
• Sells the purchase in part (b) in the market to a third party for $1,400.

What would you advise to the client regarding income tax consequences associated with these transactions?

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Taxation: What you advise to client regarding income tax consequences

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Taxation: What you advise to client regarding income tax consequences

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