Washington
Pennsylvania and Washington Become the First US States to Tax NFTs
In June and July, Pennsylvania and Washington quietly turned the primary two states within the nation to explicitly record non-fungible tokens (NFTs) as digital property topic to gross sales and use taxes. Whereas Pennsylvania’s Division of Income inaugurated the change by including NFTs to its “taxability matrix” with out offering any accompanying steerage, Washington revealed an interim assertion with definitions of key phrases and a proposed schema for figuring out the “sourcing” of NFTs, or the place, for tax functions, associated transactions bodily happen.
The important thing complication in taxing NFTs is that the present ecosystem is notoriously murky relating to the identities of consumers and sellers, right down to the place they’re positioned. Furthermore, some states presently acknowledge that NFTs could also be taxable (even when they haven’t formally listed them as of but) whereas others don’t.
The administration of gross sales taxes has been confounding for state regulators for the reason that daybreak of e-commerce, which confronted them with unprecedented questions surrounding find out how to deal with Web gross sales. A key Supreme Courtroom case in 2018, South Dakota v. Wayfair, altered the panorama of state taxation for digital transactions by ruling that sellers didn’t should have a bodily presence in any given state the place purchasers obtain items to impose taxes on gross sales, as soon as they obtain a sure quantity of transactions. Ostensibly, in response to the logic of that case, NFT distributors needs to be held to the identical commonplace and are obligated to gather gross sales taxes when doing enterprise with prospects in states that tax digital property.
Federally, taxation guidelines surrounding NFTs are additionally incomplete. The Inner Income Service (IRS) has acknowledged cryptocurrency as property since 2014; any positive aspects produced from its use are liable to taxation. As a part of the Infrastructure Funding and Jobs Act signed into legislation in November 2021, President Biden imposed new reporting necessities for cryptocurrency transactions that might require companies to gather extra info. The IRS is because of problem additional pointers for the federal taxation of digital property to specify how these new provisions are to be carried out.
Each Pennsylvania and Washington’s actions surrounding the taxation of NFTs are pointers that interpret present legislation fairly than enactments of totally new laws. That signifies that they could possibly be retrospectively utilized, with a spokesperson for Pennsylvania’s Division of Income stating that it had the facility to gather taxes on NFTs going again to 2016.
Washington’s extra complete assertion means that NFT sellers will likely be anticipated to doc the time and place of every transaction, and probably the addresses of consumers. It defines NFTs, lays out which sorts of NFTs are taxable, outlines how a vendor would tabulate their tax obligation, and gestures at how distributors would possibly supply the sale. The final merchandise is probably the most ambiguous; presently, few distributors or market platforms monitor who consumers are and the place they’re positioned as a result of these transactions use cryptocurrency. Some consultants assume that new guidelines like Washington’s will rework business practices by scaling again the anonymity that presently reigns supreme in NFT gross sales.
Washington’s assertion doesn’t represent a everlasting steerage, and the Division of Income continues to hunt suggestions because it develops one.
Washington
What Gonzaga’s Mark Few said after win vs. Washington State
The Gonzaga men’s basketball team pulled away from Washington State for an 88-75 victory in the first meeting between the in-state rivals in over a decade.
Graham Ike led the way with 21 points on 8-for-11 from the field, Nolan Hickman added 19 points and the Bulldogs (14-4, 5-0 WCC) earned their fifth straight win to open league play by putting the Cougars (13-5, 3-2 WCC) away early in the second half. After ending the first half on an 8-2 scoring run, the Zags came out of the second half with a sense of urgency on both ends, sparking a 15-5 scoring run to make it a double-digit margin.
Here’s what Gonzaga head coach Mark Few had to say after the game.
On what he told the team at halftime that led to the strong start to the second half:
“I just told them, ‘hey, we’re in a we’re in a battle. It’s a great game. Both teams are competing really hard, and we’re at our best when we’re in attack mode.’ And they did a great job of taking the message and I thought we really went out and turned defense into offense, and we knew that was going to be a big key for us. [The Cougars] are hard to guard, they’re big and they’re physical, and [WSU coach David Riley] does a really lot of nice stuff on on offense that exploits mismatches. But our guys battled tonight, so I was really proud of them.”
On the team’s performance while Ryan Nembhard was on the bench for the final 9 minutes of the first half:
“They played great. I told them that in the locker room that that was huge. We haven’t really had to do that all year. And this guy [Nolan Hickman] stepped up. He was amazing tonight. I mean, seven boards … defensively in there, battling in the post. I mean, he did a lot of stuff that, as I said, he’s now, he set a high standard, so kind of be counting on that moving forward, but he and Dusty [Stromer] both really helped during that stretch and [Khalif Battle] and obviously having Ben [Gregg] and then Graham was rock solid all night.”
On the team’s effort on the defensive end of the floor in the second half:
“I thought our effort and our making plays, I thought it was definitely up there [with the best of the season], and just the physicality that it took. Because, again, they’re so much bigger than us at several of those spots. And again, you just don’t see the post-up thing like this, where your guards are getting constantly posted. But so in that way, we fought, we were physical and kind of had to navigate our way through a lot of different actions. There’s staggers and some curls and some switches and all that. For the most part, we did pretty good.”
Washington
Washington Nationals Agree to Terms With Former All-Star Reliever
The Washington Nationals have continued to invest into the pitching staff with another free agency move on Saturday.
Shared on social media, the Nationals announced that they had agreed to terms with relief pitcher Jorge Lopez on a one-year contract. That deal will be worth $3 million plus incentives per Jon Heyman.
This is the third pitcher that Washington has signed this offseason, with Michael Soroka brought in as a free agent and Trevor Williams receiving a new deal to say.
They also added another reliever, Evan Reifert, as a Rule 5 draft pick from the Tampa Bay Rays.
Lopez made headlines last year with his infamous exit from the New York Mets. He caused a stir after a loss when he referred to himself as ‘the worst teammate on the worst team in baseball.’
For a lot of players, that might spell an end to the season. The fastball-heavy reliever was able to bounce back. He was released and then signed a minor league contract with the Chicago Cubs.
The 31-year-old came back from controversy as strong as ever, posting a 2.03 ERA over the final 26.2 innings of work.
With the loss of Kyle Finnegan, Lopez makes sense as a potential replacement at closer. He does have some closing experience, but has not been his main role for much of his career.
That season, 2022, was the year he made his first and only All-Star team.
He is a ground ball machine that loves to force bad contact. Keeping him in a situational role could also be a smart idea, given that he struggles against lefties.
No matter how he is used, this is another good signal that the Nationals don’t want to throw any season away.
Washington
Michigan basketball vs. Washington prediction: Can U-M stay undefeated in Big Ten?
Dusty May: What to know about University of Michigan’s head basketball coach
What to know about University of Michigan head basketball coach Dusty May.
For Michigan basketball, the recent West Coast trip went about as well as hoped.
The No. 24 Wolverines (12-3, 4-0 Big Ten) picked up a pair of double-digit wins against the Big Ten’s Los Angeles-based teams — topping USC, 85-74, last Saturday and then defeating No. 21 UCLA, 94-75, Tuesday night as wildfires raged a few miles away — and now return home looking to make it three consecutive wins against league newcomers, welcoming Washington (10-6, 1-4) to Ann Arbor on Sunday afternoon (2 p.m., Big Ten Network).
The Huskies’ first trip to the Midwest hasn’t started well; they were dog-walked by Michigan State in East Lansing, 88-54, on Thursday. U-W trailed by 29 points at the half (42-13) and by more than 40 points in the second half (82-41 with less than five minutes to play) in an utter annihilation.
After two tight wins in conference play — by three points over Wisconsin and two over Iowa — U-M has won four games in a row by double digits and could make it five straight, with one of the bottom teams in the Big Ten coming to town.
Great Osobor with not-so-great help
U-Dub forward Great Osobor made headlines this offseason when he transferred from Utah State to Washington (following head coach Danny Sprinkle) for a then-record NIL deal worth $2 million.
Apparently, money doesn’t buy wins, because while Osobor has been decent, it hasn’t been nearly enough for the Huskies.
The senior leads the Huskies in scoring (13.8 points per game) and rebounding (8.4) but his efficiency has taken a large drop, as he has shot just 45% from the floor on 3s after hitting at least 57.7% in each of his first three college seasons. Some of that might be attributable to his increased 3-point tries — after attempting just 18 3s (and making four, for a 22.2% success rate) in his first 104 games, he has 14 3-point tries in 16 games this season (with only two makes, a 15.3% rate). More concerning is his 2-point shooting percentage: After hitting 59.1% last season, he’s at 47.7% inside the arc this season.
He has scored in double figures in 11 games with the Huskies, though much of his success came in a weak nonconference schedule. Though he put up 20 points and 14 rebounds vs. Maryland, he had just nine points and three boards vs. USC and a combined 15 points and eight rebounds vs. Illinois and MSU.
Sophomore guard Tyler Harris (Portland) is next at 12.3 points and 5.3 rebounds per game while freshman point guard Zoom Diallo, a top-50 recruit according to 247 Sports’ composite rankings, averages 10.8 points per contest for Sprinkle’s team.
Overall, U-Dub is simply not up to Big Ten standard. On defense, the Huskies are No. 7 nationally in limiting 3-pointers (28%) and No. 69 in efficiency (99.9), per KenPom, but on offense, the Huskies are No. 149 in efficiency (107.4), No. 201 in 2-point shooting (50.1%) and No. 240 on 3s (32%).
Depth on display
The Wolverines, meanwhile, continue to flex their depth and balance with each passing game.
Michigan just defeated UCLA by 19 on the road and did so by scoring 94 points (the most a Mick Cronin team has ever allowed at home) without perhaps its most proven guard: Roddy Gayle Jr. (knee bruise) missed Tuesday’s game vs. the Bruins. U-M coach Dusty May said then it was too early to say if he’d play Sunday.
“Long-term health is priority No. 1 for us,” May said. “But I would say he’ll be back relatively soon.”
Gayle is one of five U-M players scoring in double figures for May in his first season in Ann Arbor. After putting up a career-high 36 points vs. the Bruins, center Vlad Goldin now leads the Wolverines at 15.8 points per game. Point guard Tre Donaldson (13.1 points) is next while Danny Wolf, Goldin’s frontcourt partner, averages a double-double at 12.5 points and 10.2 rebounds per game.
All three had standout games on the trip; Wolf started the L.A. double-dip becoming just the third NCAA player in more than 20 years with at least 20 points, 10 rebounds, seven assists and six blocks, and Donaldson made a career-high four 3-pointers vs. USC, then topped it with six vs. UCLA.
And then there’s Gayle (12.4 points) and Nimari Burnett (10.5 points), who are both shooting better than 50% from the floor. Every starter has led the team in scoring at least once this season, a major reason U-M leads the country in 2-point shooting (62%) and effective field goal percentage (60.2%).
“I mean numbers don’t lie,” Donaldson said. “We’re shooting over 60% inside the arc, I mean just continuing to do that. We got big guys out here … with Danny doing what he does in and out. It’s hard to guard. Nobody’s seen nothing like that before.”
Prediction for Michigan basketball vs. Washington
The Wolverines’ outlook is worlds away from a year ago, when it was often U-M on the wrong side of the talent and coaching ledger. U-M is better than Washington in every facet. As long as the Wolverines don’t have a horrendous shooting night, or commit an egregious number of turnovers (they’re 16th nationally, at 15.2 per game), they just have too much talent and depth for U-Dub to slow down. The pick: U-M 88, Washington 68.
Tony Garcia is the Michigan Wolverines beat writer for the Detroit Free Press. Email him at apgarcia@freepress.com and follow him on X at @RealTonyGarcia.
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