More complexity - but less tax - for capital asset sales

Article Abstract:

Tax planning has become a necessity with the implementation of Tax Reform Act of 1997 (TRA '97), a law that reduced capital gains rates and modified several considerations in Section 1231 transactions and recapture of depreciation. Although the new law lessened the potential for tax liability for taxpayers and made opportunities for tax savings greater, it has also significantly complicated computations for tax practitioners, tax advisors and taxpayers. Under TRA '97, the definition of capital asset has remained, with lower tax rates but longer holding periods. The new law has likewise affected adjusted net capital gain, asset acquisition and even the netting procedure for capital asset transactions.

Public Finance Activities, Capital Gains Taxes, Taxation, Accounting, Capital assets, Capital gains tax

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The uncertain potential of tax simplification

Article Abstract:

The Commerce Clearing House Tax Advisory Board held a roundtable discussion to analyze the need for and technique of tax simplification including the possibility of a value added tax (VAT). All participants agreed that the present income tax system is overly complex but differed greatly on the solutions. The most controversial issues included tax fairness and the implementation of a VAT.

Beliefs, opinions and attitudes, Panel Discussion, Gideon, Kenneth W., Abbin, Byrle M., Cohen, N. Jerold, Coppinger, Walter T., Ferguson, M. Carr, Kurtz, Jerome, Lerner, Herbert J., Levin, Jack S., Manning, Elliott, McGaffey, Jere D., Rosoff, William A., Stone, Lawrence M., Loengard, Richard O., Jr., Schneider, Herman M., Walker, Deborah

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