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Email On October 9, the IRS issued Revenue Ruling 2019-24, which addresses the tax treatment of cryptocurrency hard forks and airdrops. Very generally, a hard fork occurs when a cryptocurrency splits into two cryptocurrencies: the original pre-fork cryptocurrency and a new post-fork cryptocurrency. An airdrop occurs when a taxpayer receives cryptocurrency on a promotional basis. https://www.cadwalader.com/resources/articles/guidance-on-crypto-hard-forks-and-airdrops