That makes NO sense at all and I continue to be surprised at the fundamental misunderstanding of the US tax system by techies (it's really not that complicated for individuals).
You pay tax on the GAINS, not on the value of the trade. If he owes the IRS $50k, it means he has a realized gain of ~$333,000. Where did that money go?
The only possibility here is that he took $330,000 and reinvested ALL of it into 'altcoins' just before the end of the year and is still holding them.
Sorry, but that has bullshit written all over it (throwaway account, too)
You pay tax on the GAINS, not on the value of the trade. If he owes the IRS $50k, it means he has a realized gain of ~$333,000. Where did that money go?
The only possibility here is that he took $330,000 and reinvested ALL of it into 'altcoins' just before the end of the year and is still holding them.
Sorry, but that has bullshit written all over it (throwaway account, too)