Nicholas Mowbray Addresses New IRS Guidance on Non-Fungible Tokens

News / April 3, 2023

Counsel Nicholas Mowbray is quoted in “Tiptoeing Around Tax Treatment of NFTs,” a news analysis published April 3, 2023, in Tax Notes Federal.

The IRS recently issued guidance saying it will treat a non-fungible token “as a collectible if the NFT’s associated right or asset falls under the definition of collectible in the tax code.”

Mowbray told Tax Notes Federal that this is a “sensible approach. It is trying to determine how an NFT should be taxed based on what it substantively provides to its holder,” he said.

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