End Identification of Stock Certificates

This proposal would end the ability of taxpayers under current law to identify which lot of stock they have sold. The proposal would instead minimize unrealized appreciation and bring adjusted basis for the whole block of stock the taxpayer owns after the sale as close as possible to the fair market value of the retained stock. Tax accounting reflects economic income only if the adjusted basis of the investment reflects…
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Andrews & Kurth Centennial Professor of Law, University of Texas at Austin - School of Law, USA
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