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- Title
THE TAX TREATMENT OF FOREIGN WAR LOSSES.
- Authors
KENT, ARTHUR H.
- Abstract
The article offers information on the tax treatment of foreign war losses in the U.S., where extremely high rate of tax imposed on excess profits by the 1942 Act was a major factor, which made some form of special treatment of the losses imperative. It mentions that provisions of Section 127, including the classification of foreign war losses should not depend on the foreign property or investment, and it should not be subject to arbitrary limitations imposed on the deduction of capital losses, and the recognition of stock and securities losses should be provided in a limited class of cases. It presents that Section 127 (e) introduced the concept of deduction into the income tax law, based on the partial worthlessness of stock.
- Subjects
UNITED States; TAXATION; EXCESS profits tax; FOREIGN assets; CAPITAL losses; SECURITIES; INCOME tax
- Publication
Law & Contemporary Problems, 1943, Vol 10, Issue 1, p165
- ISSN
0023-9186
- Publication type
Article
- DOI
10.2307/1190033