Category Archives: Timing of Income and Deductions

The timing of income and deductions is of paramount importance in taxation.  Just as a dollar today is worth more than a dollar a year from now, so too is a current deduction worth more than a future one, and … Continue reading →

The Internal Revenue Code taxes “gains derived from dealings in property.” However, two types of gains exist, and the Code taxes only one. “Realized” gains are not subject to taxation. This type of gain represents net appreciation in property that … Continue reading →