The tax implications of using, holding and selling GUAP
The IRS considers virtual currencies like GUAP as property any transfer of ownership of that property can trigger a taxable event (similar to when possession of jewelry, a car, or a home is transferred). Please see below several links to resources on what this means for cryptocurrencies like GUAP.
IRS Official Rulings on Q1: Does a taxpayer have gross income as a result of a hard fork of a cryptocurrency the taxpayer owns if the taxpayer does not receive units of a new cryptocurrency? and Q2: Does a taxpayer have gross income as a result of an airdrop of a new cryptocurrency following a hard fork if the taxpayer receives units of new cryptocurrency?: https://www.irs.gov/pub/irs-drop/rr-19-24.pdf
Intuit TurboTax "Tax Tips for Bitcoin and Virtual Currency": https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q