Hi, so I was wondering if someone could advise me on a hypothetical situation.
- Say there's a U.S.-based company (C-corp) that receives $50k in Bitcoin (or gold or any other similar asset) as payment for goods/services.
- They don't have any expenses so that's 100% profit.
- The next day the assets drop to $0 and the company sells their amount at a 100% loss.
- Would the realization of those assets at a 100% loss offset the previous profit?
- Or would the company still owe $10,500 in taxes (0.21*$50k) and thus have to go bankrupt because their bank account is empty already?
Your advice is greatly appreciated!
