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1、原文:原文:TheFineArtofReducingAvoidingIncomeTaxesStartingwiththeTariffActof1913whichencompassesthefirstincometaxonindividualsfollowingtheadoptionoftheSixteenthAmendmenttaxpayershavebeenzealouslyattemptingtominimizetheirtaxli
2、ability.Unftunatelyintheirdesiretoachievethisresultvariousschemeshavebeendevisedwhichbderonfraud.Thisarticleexplessometaxplanningideasfindividualswhichmayprovidetaxpayersthewherewithaltoattaintheirgoallowerincometaxes.It
3、shouldbenotedhoweverthatbefeimplementinganyofthesuggestedideasindividualsshouldreviewthemwithqualifiedcounsel.CAPITALGAINSLOSSESUndertheTaxRefmActof1969thealternativetaxonlongtermcapitalgains(gainsonthesaleofcapitalasset
4、sheldfMEthansixmonths)hasbeenmodified.FtaxableyearsbeginningafterDecember311969thefirst$50000oflongtermcapitalgainsfindividualsestatestrustsistaxedat25%.Anylongtermcapitalgains(i.e.excesslongtermcapitalgainsovershttermca
5、pitallosses)inexcessof$50000isthensubjecttoaneffectivemaximumtaxof35%(50%ofthecurrentmaximumtaxrateof70%).shttermcapitalgains(i.e.excessshttermcapitalgainsoverlongtermcapitallosses)arestilltaxedasdinaryincome.Atfirstblus
6、hitwouldappearthatsignificanttaxsavingscouldbeachievedbystructuringsalesofcapitalassetstoobtainthebenefitsofthealternativetax.Inrealitythisisonlyillusy.Themaximumtaxsavingsonecanhopetoachieveviathealternativetaxprocedure
7、isonly$5000.EXHIBITAMaximumtaxonlongtermcapitalgains35%Maximumtaxonthefirst$50000oflongtermcapitalgain25%Difference10%TaxSavingsundertheAlternativeTaxFirst$50000ofLongtermcapitalgain10%$5000ptfolioismadetoensurethatthema
8、ximumbenefitsareachievedwhenusingthecapitalgainslossprovisions.Obviouslythetimingofthetaxpayer’ssaleofcapitalassetsbecomescrucial.SHTSALESAGAINSTTHEBOXLONGINBENEFITSThesophisticatedinvesthasbeenabletoutilizetheshtsaleaga
9、insttheboxtechniquetocontrolthetaxtimingofcapitalgains.Althoughtheinvestatthetimeoftheshtsalehasfixedhisoveralleconomicgainthetaxablegainisnotrealizeduntiltheshtsaleisclosedoutthatisthesecuritiesaredeliveredtothepurchase
10、r.MeoverpritoAugust1967shtingagainsttheboxwasalsousedtocircumventthewashsalerules.CanthisshtsaletechniquebefurtherextendedtocompletelyeliminatecapitalgainsonsalesofsecuritiesHereishowitwouldwk.Mr.Smithowns100sharesofXCo.
11、whichareheldbyhisbroker.OnSeptember11973heinstructshisbrokertosellthesesecurities“shtagainstthebox.“AtthispointMr.SmithiscreditedwiththeproceedsofthesaleinashtaccountwhilestillmaintaininghislongpositioninXCo.Stock.Thusth
12、ereisnotaxableeventasyet.NmallyMr.SmithwouldthencloseouttheshtsaleinJanuary1974effectivelypostponingtherecognitionofcapitalgainfrom1973to1974.Thisisthestardtransaction.HoweverMr.Smithhasnointentionofclosingoutthetransact
13、ionduringhislifetimesincerecanobtainasubstantialamountofcashimmediatelywithoutincurringanytax.Theresultswouldbeasfollows:1.DURINGHISLIFETIME.Norecognitionofcapitalgainonthesaleof100sharesofXCo.Sincethesalewasnotclosedout
14、.2.MR.SMITHSESTATE.Thepossibilityofnorecognitionofcapitalgain.Thetaxbasisofthe100sharesoftheXCo.heldinthelongpositionwouldtakeonasteppedupestatetaxvalue.Ifthesesecuritiesarethenusedtocloseouttheshtsalethesteppedupbasiswo
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