Tax losses

In this chapter we will discuss some examples of how the tax law treats losses. But first let’s make some introductory comments. There are billions of dollars of losses that taxpayers incur in their businesses, investments and in their personal lives. If an activity rises to the level of a “business” as distinguished from an “investment,”[1] there is generally an unlimited allowance of losses. But, as we shall see, the…
Professor Emeritus of Law, Florida, USA, Professor of Law, University of San Diego School of Law
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