It doesn't seem fair or correct to compare Bitcoin to employer stock programs. The IRS seems to be doing this as well. Stock and stock options are generally granted in exchange for work performed for an employer so you have earned those amounts but Bitcoins are created through mining not given by an employer.
That said, it doesn't matter what is and is not "fair" when dealing with the IRS. Choice A is to do what they tell you to do. Choice B is to fight them in court.
This thread assumes you want to go with Choice A and that you want to limit your liability if something goes wrong. Like most risk-management techniques, it does decrease your returns.
(Tax lawyers might have some better advice. Perhaps you can mine into a blind trust, and pay income taxes in 5 years on the current value of the coins? Dunno, not a tax expert or a laywer. I would consult with one if I was mining a lot of Bitcoin.)
So here's a question for everyone -- if I take a few hunks of wood, say worth 10 bucks, and use it to craft a musical instrument that can be sold for $100, does that count as $90 in income, even if I just leave it on a shelf?
