Since there is currently no clear rule on how one would pay taxes on something like Steem, it's extremely difficult to prove intent in tax evasion cases. Anyone who follows a consistent strategy will have a solid defense. IANAA, but personally, I don't think you can simply count it as income upon receipt in your account at the market rate, plus you have the added complexity of the SBD/Steem power split. The market rate is not some sort of immutable price and moves on every purchase and sale. If you suddenly make 1 million Steem, and Steem is $1, you could never sell it all immediately and get anywhere close to $1 million for it. You'd tank the order book, so how can it be valued at $1 million upon receipt? Then you've got the power-down situation which further complicates how accurate the "liquid value" is upon receipt.
There need to be exemptions or some clear capital gains rules applied which are likely to look much different from the logical way to tax an entity like Genesis Mining.
That is the exact dilemma I was mentioning but couldn't word as well as you.
Aww, shucks.
Mark and a few others say the rules are very clear. If the rules have been so clear all along what excuse do the Steemit developers have for not automating and streamlining the process?