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Abstract: 

This installment of Short Takes reports on recent developments of interest, or potential interest, to investors. It first looks at new authority interpreting a couple of nonrecognition provisions in the Internal Revenue Code; describes cases and rulings dealing with the characterization of gain and loss; discusses developments affecting cancellation of debt (COD) income and hobby losses (two specific areas with many recent cases and rulings); notes a pair of developments on basis and several dealing with taxation and home ownership; and finishes with a plea for more guidance about the tax issues created by virtual currencies.

Keywords: nonrecognition of gain, involuntary conversion, IRC Sec. 1033, IRC Sec. 1041, characterization of income or loss, IRC Sec. 1234A, IRC Sec. 1235, cancellation-of-debt income, grantor trusts, hobby losses, basis, sale of principal residence, IRC Sec. 1

Affiliations:  1: Journal of Taxation of Investments.