Barry Moore, a politician from Congress US, has filed Period Transaction Report (PTR) revealing his recent investments in certain cryptocurrencies. Filing reveals him owning crypto coins of Ethereum, Dogecoin, and Cardano.
The annual filing season is on in the US and in the majority of the countries.
In the past two years, several amendments were made by many tax collecting authorities in the world. While some of the changes were as usual, yet the major change was relating to the disclosure of crypto assets. Similarly, the changes were made in the US taxation laws as well. According to these changes, taxpayers were asked to make full disclosure of their assets in their annual filings. Though the crypto owners didn’t like the change their tax advisors urged them to comply with the change. The advisors had also told their clients to start maintaining their records prior to filing in order to avoid difficulties.
The changes in the US tax laws were made applicable to the general public as well as government officials. For government officials, the Periodic Transaction Report (PTR) was also amended to provide for the crypto disclosure.
Barry Moore, who is a veteran politician from Congress and US Representative hailing from Alibaba, has recently submitted his PTR. In the PTR Moore has also made a disclosure with regard to his crypto ownership. The documents reveal that Moore had purchased multiple kinds of cryptocurrencies such as Ethereum, Dogecoin, and Cardano. Most of his crypto assets were bought during the fifth and sixth months of 2021. The document also showed that against each acquisition of crypto assets, Moore had spent between US$ 1,000 to 15,000.
However, because of the ongoing crypto dip, the value of his investment has dropped immensely. For instance, he had made transactions of Cardano purchases from 10th May to 13th May 2021. At the time of purchase, the value of a single unit of Cardano was US$ 1.7652 to US$ 2.009. As of today, one unit of Cardano can be bought at US$ 1.4229. This shows that Moore’s investment with regard to Cardano is going in loss presently.
Similarly, in the month of June 2021, Moore had acquired Dogecoins at a price of US$ 0.3275. However, the present-day value of a Dogecoin is under US$ 0.2317.
But the major loss, Moore is currently suffering is the loss of investment made into Ethereum. When Moore had bought Ethereum coins it was at the start of May 2021. At that time, Bitcoin and Ethereum were both at the top of their game. The document showed that one coin of Ethereum had cost Moore US$ 4,081. Unfortunately, since then the value of Ethereum has reduced to its half and is currently at the level of US$ 2,370.