The post New U.S. Treasury CAMT Rule to Exempt Unrealized Bitcoin Gains appeared on BitcoinEthereumNews.com. The U.S. Treasury and IRS have released an interim guidance, which highlights plans to ease the Corporate Alternative Minimum Tax (CAMT) rule that mandated tax on unrealized Bitcoin gains. With this new guidance on the Treasury CAMT rule, companies like Strategy no longer expect to be subject to the rule due to its unrealized gains on its BTC holdings. Details About The Interim Guidance On The Treasury CAMT Rule In a release, the Treasury Department and IRS announced plans to withdraw the CAMT partially proposed regulations and issue revised proposed regulations. Under the earlier proposed regulations, companies like Strategy would have had to pay tax on their unrealized Bitcoin gains. The rule would have applied to Strategy from next year. The Treasury CAMT rule proposes a 15% minimum tax on large corporations’ financial statement income. Meanwhile, due to the Financial Accounting Standards Board (FASB) rules, companies like Strategy had to record their BTC holdings at the mark-to-market price, which would have meant that they had to pay tax based on the BTC’s current value, rather than the amount they had paid for it. However, the interim guidance clarifies that these corporations may disregard unrealized gains and losses on crypto holdings when computing their adjusted financial statement income (AFSI) for determining if they are subject to the 15% CAMT. Strategy and top crypto exchange Coinbase were among the industry leaders that had pushed back against the CAMT proposed regulations, urging the Treasury to exclude crypto gains, noting that this tax rule was unfair, as it didn’t apply to traditional assets. Pro-crypto Senator Cynthia Lummis had also advocated against this Treasury CAMT rule, notably introducing a tax bill that aims to eliminate double taxation and promote innovation. Following the release of this latest guidance from the Treasury and IRS, Lummis remarked that the… The post New U.S. Treasury CAMT Rule to Exempt Unrealized Bitcoin Gains appeared on BitcoinEthereumNews.com. The U.S. Treasury and IRS have released an interim guidance, which highlights plans to ease the Corporate Alternative Minimum Tax (CAMT) rule that mandated tax on unrealized Bitcoin gains. With this new guidance on the Treasury CAMT rule, companies like Strategy no longer expect to be subject to the rule due to its unrealized gains on its BTC holdings. Details About The Interim Guidance On The Treasury CAMT Rule In a release, the Treasury Department and IRS announced plans to withdraw the CAMT partially proposed regulations and issue revised proposed regulations. Under the earlier proposed regulations, companies like Strategy would have had to pay tax on their unrealized Bitcoin gains. The rule would have applied to Strategy from next year. The Treasury CAMT rule proposes a 15% minimum tax on large corporations’ financial statement income. Meanwhile, due to the Financial Accounting Standards Board (FASB) rules, companies like Strategy had to record their BTC holdings at the mark-to-market price, which would have meant that they had to pay tax based on the BTC’s current value, rather than the amount they had paid for it. However, the interim guidance clarifies that these corporations may disregard unrealized gains and losses on crypto holdings when computing their adjusted financial statement income (AFSI) for determining if they are subject to the 15% CAMT. Strategy and top crypto exchange Coinbase were among the industry leaders that had pushed back against the CAMT proposed regulations, urging the Treasury to exclude crypto gains, noting that this tax rule was unfair, as it didn’t apply to traditional assets. Pro-crypto Senator Cynthia Lummis had also advocated against this Treasury CAMT rule, notably introducing a tax bill that aims to eliminate double taxation and promote innovation. Following the release of this latest guidance from the Treasury and IRS, Lummis remarked that the…