Word: 12â
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Dates: during 1923-1923
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...Limit the deduction of capital losses to 12??% of the loss. The present revenue law limits the tax on capital gains to 12??%, but puts no limit on the capital losses. It is believed it would be sounder taxation policy generally not to recognize either capital gain or capital loss for purposes of income tax. This is the policy adopted in practically all other countries having income tax laws, but it has not been the policy in the United States...
Capital loss limited to 12?...