Andrew Granek

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Andrew M. Granek focuses his practice on US and international tax matters. Andrew’s practice includes advising corporate and private equity clients on domestic and cross-border mergers and acquisitions, inversions, financings and restructurings. Read Andrew Granek's full bio.

IRS Releases Memorandum on Deducting Cryptocurrency Donations

By , and on Jan 20, 2023
Posted In IRS Guidance

On January 13, 2023, the Internal Revenue Service (IRS) released a memorandum (CCA 202302012) concluding that a qualified appraisal is required when a taxpayer claims a charitable contribution deduction exceeding $5,000 for donated cryptocurrency. Valuations reported by cryptocurrency exchanges do not qualify as “qualified appraisals.” The memorandum is relevant to any taxpayer who has donated...

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Recent Tax Developments Concerning Staking Rewards

By , and on Feb 5, 2022
Posted In IRS Guidance

Stakers—taxpayers involved in proof of stake (PoS) validation of blockchain transactions—continue to operate in uncharted tax waters. PoS blockchains represent over half of the $1.68 trillion cryptocurrency market capitalization, with five of the top 10 PoS blockchains having a stake rate greater than 50%. Despite the remarkable growth of the PoS market in the last...

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