IRS releases IRS Legal Memorandum (ILM) 202114020, which provides a helpful discussion of a typical hard fork event, as that term is understood within the cryptocurrency community. By contrast, in its October 2019 guidance (Rev. Rul. 2019-24, IRB 2019-44 p. 1004), the IRS described a hypothetical situation involving a hard fork followed by an airdrop.