Crypto Accounting

A popular internet meme: On November 12, 2021, Odell Beckham, Jr. signed a deal with the Los Angeles Rams for $750,000, which he accepted in bitcoin (BTC). On that date, BTC was trading at $64,293. At this writing, BTC is trading at $33,385 (roughly 52% of its value on the day of signing). Therefore, as of this writing, the deal is worth $389,447. Odell’s income is subject to federal and state (California) income tax. He will be taxed 50.3% on $750,000 of income, or a combined federal and state income tax bill of $377,250. Odell netted $12,197 on the deal… true or false? Please post your thoughts and comments below. -s

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications, co-founder of Metacademy, and the CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and CNBC and writes a popular daily business blog. He’s the Co-Host of the award-winning podcast Techstream with Shelly Palmer & Seth Everett and his latest book, Blockchain - Cryptocurrency, NFTs & Smart Contracts: An executive guide to the world of decentralized finance, is an Amazon #1 Bestseller. Follow @shellypalmer or visit shellypalmer.com.

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