We appreciate your cooperation and support. The default position we have is no listing.ĥ.After the snapshot is completed, the deposit and withdrawal functions of XRP will be restored.įor further information on how SPARK will be distributed to XRP holders, please refer to: Claiming Spark FAQ's, Further Information on The Spark Token Distribution. Supporting this airdrop does not guarantee the listing of SPARK. ģ.SPARK tokens will be distributed to the spot wallets.Ĥ.For the trading and listing of SPARK on AAX, SPARK will go through the same strict listing review process as AAX does for any other coin/token. Minimum holding amount: 10 XRP (balances or trade orders ≥ 10 XRP). To be eligible for these airdrops, the user would have had to held XRP on a participating exchange or wallet at 12/12/20 00:00. Additionally, with the announcement of the Songbird Network, these same eligible XRP holders will be airdropped the Songbird token (SGB). Please ensure you leave sufficient time for deposits and withdrawals to complete prior to the snapshot.Ģ.The snapshot will include XRP balances in spot wallets, future wallets and savings accounts. Eligible XRP holders will receive the Spark (FLR) airdrop from the Flare Network. AAX will distribute it regularly after receiving the SPARK airdrop.ġ.XRP tokens that are pending deposit or withdrawal at the time of the snapshot will not count towards your XRP balance. 85% airdrop will be released within 25-34 months. Proportion of XRP holdings = amount of XRP held by user A at the time of snapshot / Total XRP held by AAX at the time of snapshot.ġ5% airdrop will be released when the SPARK mainnet goes live (expected within 6 months). SPARK amount received by user A = total SPARK received by AAX for the airdrop * Proportion of XRP holdings of users We will post a further announcement once the distribution is completed. AAX will distribute SPARK tokens after the project has completed the SPARK token distribution to XRP holders. 12, 2020(UTC+8) to record users' XRP holdings. ![]() We will take a snapshot of all XRP tokens held by AAX users at 08:00 am UTC on Dec. The trading function will not be affected. XRP deposits and withdrawals will be suspended at 07:00 am UTC on Dec. Of course the tokens in the second drop will have a value, because by then there will be a value.AAX will support the Spark (SPARK) airdrop program for XRP holders. At the moment of dropping, if all the tokens are dropped at once they have no value. I say 00, and everything that follows was a capital gain- to me measured at the moment of sale.Ī car given as a prize has a ticket value. One second later a market develops and it is worth. ![]() It was given for free and there was no market. Surely at the moment the token is dropped it has zero value. TL DR - Your airdrop could be a taxable income event for 2021, don't **** up and ignore the possible ramifications. Sadly it looks like I'll need to pay more $ to my Tax Accountant for some guidance, sigh. ![]() Sorry that I have more questions than answers. There are examples I read of game show contestants, whom receive A NEW CAR !!! and then owe tax on the sticker prices amount, but can't afford to pay that tax, so have to sell it at way below the original sticker price, and end up worse off than if they'd never won the damn car in the first place. Should it come to pass the its price drops after it's opened for trading, then it could come to pass that we'd have been better off - tax-wise - to only buy it and hold for a year (lowest tax rate in cap gains), and not be stuck with the higher income event tax obligation. ( regardless of its value at the year's end ) - I fear this is the case. The risk in this situation, is a case where the markets open (in 2021 we assume), at say $0.05, but then drop to 0.01.ĭoes this mean we owe tax on the Qty x 0.05 due for tax year 2021 ? Which creates some interesting possibilities in minimizing tax exposure and to realize the highest net gain possible. ![]() NOTE: I'm NOT a tax accountant, nor a financial advisor, just a dev-guy. Given that my understanding is correct here. Should you sell it at a higher valuation later on that year, the difference from the initial and captured price - will be the capital gains amount - which is typically taxed at a different rate. It is at that moment, and at the initial market's price, when which you have an earned-income event. My understanding of this situation - at least from the USA/IRS perspective - an airdrop is simple income, that is, once you have "dominion" or control over it with the power to sell it. That is, win (or "earn") a chunk of profit, which is so significant, we must account for it in calculating our tax payments to our government. All gamblers and traders hope to be cursed with a "tax problem."
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