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Wrap-Up Questions for Chapter 10

29 七月, 2015 - 16:31
  1. What policy (policies) is served by the exceptions to the definition of “capital asset” in §§ 1221(a)(1, 2, 3, 4, 6, 7, 8)?
  2. In Fribourg Navigation Co. v. Commissioner, 383 U.S. 272 (1966), the Supreme Court held that a taxpayer was entitled to depreciation deduction up to the date it sold an asset. In the days before § 1245 (but after § 1231), why would this have been important?
  3. Why should capital loss carryovers expire – and simply disappear – on the death of the taxpayer?
  4. In what ways does § 1231 help facilitate growth within our economy?
  5. Why should a taxpayer not be permitted to deduct the cost of obtaining tax-exempt income?