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posted by janrinok on Tuesday December 05 2017, @10:22AM   Printer-friendly
from the tax-man-cometh dept.

The Verge reports

[On November 29], Coinbase suffered a major defeat at the hands of the Internal Revenue Service, nearly a year after the case was initially filed. A California federal court has ordered Coinbase to turn over identifying records for all users who have bought, sold, sent, or received more than $20,000 through their accounts in a single year between 2013 and 2015. Coinbase estimates that 14,355 users meet the government's requirements.


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  • (Score: 2) by nobu_the_bard on Tuesday December 05 2017, @02:19PM

    by nobu_the_bard (6373) on Tuesday December 05 2017, @02:19PM (#605628)

    It might be an "estimate" because of some fiddly details about what does and does not count. Calling it an estimate covers them if it turns out to be inaccurate.

    For example, if a user had 4 accounts that each did $10k worth of transactions, but it's not immediately obvious it was all one person, the IRS may have intended this person be counted (perhaps because of a different definition of "user") but Coinbase understandably didn't count them. If the IRS comes back later and wants to know why they were skipped over, Coinbase can say their previous number was an estimate and it was always possible a few corner cases slipped through.

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