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Abstract: 

Many recent developments affecting sales, exchanges, and basis are of concern to the broader community, such as those relating to foreclosures and mortgage-backed securities, disaster relief, tax shelters, and aggressive tax strategies. But other developments, even though not of popular interest, also have potentially profound effects on the law. Developments over the last year fell broadly into (1) nonrecognition transactions, (2) characterization, realization, and tax-shelter issues, and (3) the determination of basis, including issues affecting capitalization and depreciation.

Keywords: Involntary conversions (section 1033); Like-kind exchanges (Section 1031); cancellation of indebtedness

Affiliations:  1: Case Western Reserve University.