Tony Billings and Bill Volz accepted for publication in Tax Notes Federal


Mike Ilitch School of Business Professor of Accounting Tony Billings and Distinguished Service Professor of Business Law and Ethics Bill Volz have had an article accepted for publication in Tax Notes Federal, a weekly journal featuring news, commentary and analysis on federal taxation.

The article, titled “Space-Jam! Accounting for and Taxation of Brands in the NFT-space!” was co-authored by Sarah Hinchliffe (Long Island University).


This article examines unanswered taxation and accounting questions regarding tokenizing tangible assets and associated arrangements. Of interest are the issues concerning brand valuation, investment limitations for individuals looking to invest in NFTs, and tax implications of their transferability. The article focuses particularly on ways federal tax laws affect the digital economy and how the digital economy continues to impact taxation and compliance issues in the United States. The Securities and Exchange Commission also has concerns regarding the classification of NFTs. A central issue for the Commission is whether a specific NFT is a security. SEC guidance makes clear that an NFT, like many other novel financial instruments, will be subject to federal securities law if it has the characteristics of an investment contract.

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