the 0.1 ETH received on a specific date with Valuation of ETH = X represents a cost basis of X*0.1 in USD.

I understand (believe) that each mining reward payment creates a cost basis for the accumulated ETH (e.g. After receiving mining rewards mentioned above, I have accumulated ETH as an asset held by the partnership. So for example, let's say that I received 0.1 ETH each month, then I ended up with a report (from Bitcoin.tax) that shows the value of that reward in USD as income. Per IRS Guidelines, I have kept track each year of the earnings from mining as self-employment income denominated in US Dollars (calculated using Bitcoin.tax). In addition to the contributed coins (contributed property), I also purchased computer equipment for the business, which has been used for mining.

I used the market value of each token at the time of transfer to my business as a capital contribution.

Initially, I contributed cash as well as cryptocurrency to the business. My business is set up as a 2 member partnership with just myself and my wife as partners (Form 1065 for tax purposes) I am running into some confusion and hoping to get some answers. I use QuickBooks to track my small business activity, which has included mining of Cryptocurrency in the last few years.

Intuit mint cryptocurrency