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Short Takes: Recent Developments of Interest to Investors  

Author:  Staff Editors.

Source: Volume 35, Number 03, Spring 2018 , pp.85-99(15)

Journal of Taxation of Investments

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A lot has happened since the last installment of Short Takes was being edited for publication, in large part because of the enactment of what was supposed to be called the Tax Cuts and Jobs Act of 2017. Because of the reconciliation process, that piece of legislation became “An act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.”1 Despite the ungainly name, the bill was signed by the president on December 22, 2017. (In an act of civil disobedience, Short Takes is going to call the legislation the Tax Cuts Act; we aren’t bound by the dictates of reconciliation.) Because the Journal expects to have articles on various aspects of the Act in the next few issues, we won’t try to provide a comprehensive review of the Act here. But along the way, this installment of Short Takes will refer to a few changes made by the Act and some proposed changes that attracted a lot of attention but wound up not surviving the legislative process. The overall topics for discussion include, in order, nonrecognition provisions; character of gain or loss; realization and related issues; passive activity losses; hobby losses; basis, capitalization, and depreciation; and the tax aspects of home ownership.

Keywords: recognition of income, characterization of gain or loss, income realization, Tax Cuts and Jobs Act of 2017

Affiliations:  1: Journal of Taxation of Investments.

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