H.R. 9172
Applying Existing Tax Anti-Abuse Rules to Digital Assets Act
Sponsor: Jodey C. Arrington · 0 cosponsors
Official summary
No official summary yet.
Text of the bill
(a) In general. Section 1259(b)(1) is amended by inserting , digital asset (other than a qualified U.S. dollar stablecoin) after debt instrument.
(b) Application of exception for sales of nonpublicly traded property. Section 1259(c)(2) is amended by inserting or widely traded digital asset after marketable security (as defined in section 453(f)).
(c) Treatment of tokenized digital assets as substantially identical to economically equivalent financial property. Section 1259(c) is amended by adding at the end the following new paragraph:
(5) Treatment of tokenized digital assets as substantially identical to economically equivalent financial property. A tokenized digital asset shall be treated as substantially identical to any stock, debt instrument, or partnership interest if such tokenized digital asset is economically equivalent to such stock, debt instrument, or partnership interest.
(d) Functional currency other than the dollar. Section 1259(e) is amended by adding at the end the following new paragraph:
(4) Qualified U.S. dollar stablecoins and functional currency other than the dollar. In the case of any taxpayer or qualified business unit (as defined in section 989(a)), a qualified U.S. dollar stablecoin (determined without regard to this paragraph) shall not be treated as a qualified U.S. dollar stablecoin for purposes of this section if such taxpayer or qualified business unit uses a functional currency other than the dollar.
(e) Effective date. The amendments made by this section shall apply to constructive sales after the date of the introduction of this Act.