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H.R. 7361

DEC. 20, 2018

H.R. 7361

DATED DEC. 20, 2018
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Citations: H.R. 7361

115TH CONGRESS
2D SESSION

H.R. 7361

To amend the Internal Revenue Code of 1986 to allow exclusion of gain
or loss on like-kind exchanges of virtual currency.

IN THE HOUSE OF REPRESENTATIVES

DECEMBER 20, 2018

Mr. BUDD introduced the following bill; which was
referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to allow exclusion of gain or loss on like-kind exchanges of virtual currency.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. EXCLUSION FOR LIKE-KIND EXCHANGES OF VIRTUAL CURRENCY.

(a) IN GENERAL. — Section 1031 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

"(i) SPECIAL RULE FOR VIRTUAL CURRENCY. — For purposes of this section, the exchange of virtual currency for virtual currency of like kind shall be treated in the same manner as the exchange of real property for real property of like kind.".

(b) EFFECTIVE DATE. — The amendments made by this section shall apply with respect to exchanges completed after the date of the enactment of this Act.

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