减少和避免所得税的艺术[文献翻译].pdf

原文： TheFineArtofReducingandAvoidingIncomeTaxes Starting with the TariffAct of 1913, which encompasses the first income tax on individuals following the adoption of the SixteenthAmendment;taxpayers have been zealously attempting to minimize their tax liability. Unfortunately in their desire to achieve this result various schemes have been devised which border on fraud. This article explores some tax planning ideas for individualswhich may provide taxpayers thewherewithalto attain their goal-lower incometaxes. It shouldbenoted,however, that before implementing any of the suggested ideas, individuals should review them with qualified counsel. CAPITALGAINSANDLOSSES Under the Tax ReformAct of 1969 the alternative tax on long-term capital gains (gainson the sale ofcapital assetsheld for MOREthan sixmonths)hasbeen modified. For taxable years beginning after December 31, 1969 the first $50,000 of long-term capital gains, for individuals, estates and trusts, is taxed at 25%.Any net long-term capital gains (i.e. excess long-term capital gains over short-term capital losses) in excess of $50,000 is then subject to an effective maximum tax of 35% (50% of the current maximum tax rate of 70%).Net short-term capital gains (i.e.excess short-term capital gains over long-term capital losses) are still taxed as ordinary income.At first blush it would appear that significant tax savings could be achieved by structuring salesof capital assetsto obtain thebenefitsofthe alternativetax.In reality thisisonly illusory. The maximum tax savings one can hope to achieve via the alternative tax procedureisonly $5,000. EXHIBITA Maximumtax onnet long-term capitalgains 35% Maximumtax onthe first $50,000oflong-term capital gain 25% Difference 10% Tax SavingsundertheAlternativeTax;First $50,000of Long-term capit