Sec. 807. Forks, airdrops, and subsidiary value
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Part II of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 72 the following new section: In the case of any applicable asset received by a taxpayer for which the taxpayer has taken affirmative steps relating to control of such asset, the value of such asset shall be included in gross income for the taxable year in which such asset is sold or otherwise disposed of by the taxpayer. For purposes of this subtitle, the amount included in gross income under this section shall be treated as ordinary income (as defined in section 64).
For purposes of this section, the term applicable asset means— a crypto asset fork, a crypto asset airdrop, or any other similar form of subsidiary value relating to a crypto asset (as defined in section 9801 of title 31, United States Code). Not later than 12 months after the date of enactment of this Act, the Secretary shall prescribe such regulations or other guidance as may be necessary to carry out the purposes of this section. . The table of sections of part II of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before the item relating to section 72 the following new item:
Sec. 71. Forks, airdrops, and subsidiary value. . The amendments made by this section shall apply to taxable years beginning after the date of enactment of this Act.