![]() So, some of the traditional framework is still in place, you’re still going to look at guidance for appraisal requirements for non-cash charitable contributions, record keeping requirements for deduction of charitable contributions, IRS Publication 561 determining the value of donated property. So, you mentioned the SEC but, for tax planning, everyone thinks about the IRS, is this really the wild west out there or has there been any guidance from the IRS on this? And we’re also working with some entrepreneurs that are developing some of the underlying technologies, exchanges, and other things that are riding on top of all this block chain technology, so, some very smart folks are getting involved we’re helping them out with their estate and gift tax planning. Looking at some more exotic things we’re seeing something known as a Simple Agreement for Future Tokens, or a SAFT, and I describe that as an SEC friendly way to conduct the so-called initial coin offerings because investors are now entering into agreements with companies to purchase the coins as opposed to simply entering into direct transactions to purchase these digitized tokens or coins or whatever you want to call them. We’re seeing some private equity funds that are in cryptocurrency positions, so, coming back to the pricing and the volatility of cryptocurrencies over the last couple of years, looking at capital account statements that are actually as of a particular date become very important. We’re seeing some cryptocurrency balances pop up in there so we have to be sensitive to pricing just as we would be with a securities FLP. To a lesser extent we’re seeing cryptocurrencies pop up in other more traditional parts of our business valuation practice so to the extent that we’re running valuations of securities holding FLP, for example. We’re actually seeing a lot of that with Fidelity Charitable in fact. We’re seeing a lot of activity in the cryptocurrency market on a few different fronts, I think the biggest volume of business we’re seeing is in charitable gifting and in direct contributions of cryptocurrencies like Bitcoin and Etherum and Litecoin and some others. So, are you going to talk today about types of cryptocurrency valuations? I think that everyone would be interested in that. Everyone has heard of cryptocurrencies such as Bitcoin and others, what if your client wants to gift cryptocurrency during life or dies owning cryptocurrency? How do you value this new type of asset? To answer these questions you’ll be hearing today from John Varga of MPI Business Valuation and Advisory of New York City. This is Susan Snyder, ACTEC Fellow from Chicago. The Valuation and Reporting of Cryptocurrency on Income, Gift, and Estate Tax Returns, that’s the subject of today’s ACTEC Trust and Estate Talk.
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