Section 1 Short title
This Act may cited as the “Virtual Value Tax Fix Act of 2019”.
Virtual Value Tax Fix Act of 2019
A BILL
To amend the Internal Revenue Code of 1986 to allow exclusion of gain or loss on like-kind exchanges of virtual currency.
Sec. 2 Exclusion for like-kind exchanges of virtual currency
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
“(1) In general—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.
“(2) Termination—Paragraph (1) shall not apply with respect to any exchange completed after December 31, 2024.”
Effective date— The amendments made by this section shall apply with respect to exchanges completed after the date of the enactment of this Act.