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Taxation Without Liquidation: Rethinking "Ability to Pay"


Please use this identifier to cite or link to this item: http://hdl.handle.net/1928/7650

Taxation Without Liquidation: Rethinking "Ability to Pay"

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dc.contributor.author Pareja, Sergio
dc.date.accessioned 2009-01-29T19:57:36Z
dc.date.available 2009-01-29T19:57:36Z
dc.date.issued 2008
dc.identifier.citation 2008 Wis. L. Rev. 841 en_US
dc.identifier.uri http://hdl.handle.net/1928/7650
dc.description.abstract This Article proposes a novel way to tax wealth transfers. Specifically, it suggests that we divide all assets transferred by gift or bequest into two classes--illiquid assets and liquid assets. The recipient should include those assets in income but be allowed two options. With respect to illiquid assets, the recipient should be able to avoid immediate income inclusion if he takes the property with an income-tax basis of zero. With respect to liquid assets, the recipient should be allowed a full income-tax deduction if he rolls the gift or bequest into a deductible IRA. The combination of these simple rules would be much more equitable than our current system, and it would prevent people from having to sell illiquid assets to pay taxes. en_US
dc.language.iso en_US en_US
dc.publisher Law School of the University of Wisconsin en_US
dc.title Taxation Without Liquidation: Rethinking "Ability to Pay" en_US
dc.type Article en_US

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