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Abstract: 

This installment of Short Takes discusses cases and rulings dealing with characterization of gain or loss as applied in the 5th Circuit’s reversal of the Tax Court in Pilgrim’s Pride Corp. v. Comm’r; realization and related issues (Maines v. Commissioner, Elbaz v. Commissioner, SWF Real Estate LLC v. Commissioner); passive activity losses (Lamas v. Commissioner, Williams v. Commissioner, Lopez v. Commissioner); the economic substance doctrine (CNT Investors LLC v. Commissioner); basis and depreciation (AmerGen Energy Co. LLC v. United States), and home ownership (Villegas v. Commissioner).

Keywords: income characterization, Pilgrim’s Pride Corp. v. Comm’r, IRC Sec. 1234A, realization of income or loss, inclusionary tax benefit rule, passive activity loss, economic substance, basis, depreciation, IRC Sec. 121, qualified residence interest

Affiliations:  1: Journal of Taxation of Investments.