A11. The amount of income you must recognize is the fair market value of the virtual currency, in U.S. dollars, when received. In an on-chain transaction you receive the virtual currency on the date and at the time the transaction is recorded on the distributed ledger.
This is taken from the following IRS site: https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-curren...
