Deductibility of Capital Gains in Income Taxation of Trusts and Estates

doi:10.2307/1119171

Generation Shifting and the Principle of Continuity in Norwegian Tax Law

Nordic Tax Journal ◽

10.1515/ntaxj-2014-0005 ◽

2014 ◽

Vol 1 (1) ◽

pp. 93-101

Author(s):

Frederik Zimmer

Keyword(s):

Capital Gains ◽

Income Taxation ◽

Tax Law ◽

Continuity Principle ◽

Inheritance Tax

Abstract With effect as from 1st January 2014 Norway abolished the inheritance tax and introduced the so-called continuity principle in income taxation. This means that heirs and receivers of gifts step into the tax basis and other tax positions of the giver and the deceased. Some additional requirements apply to some tax positions, in particular tax positions not related to assets (typically deferral of capital gains and carry forward of losses). Dwelling-houses and farms and forestries which the deceased or the giver could have sold without capital gains taxation is excepted.

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Learning The Ropes: An Introductory Tax Return Case

Journal of Business Case Studies (JBCS) ◽

10.19030/jbcs.v7i1.1584 ◽

2011 ◽

Vol 7 (1) ◽

Author(s):

Kevin E. Flynn ◽

Lori R. Fuller ◽

Peter Oehlers

Keyword(s):

Income Tax ◽

Capital Gains ◽

Income Taxation ◽

Internal Revenue Service ◽

Complex Case ◽

The Internet ◽

Extant Literature ◽

Federal Income Tax ◽

Standard Deduction ◽

Gains And Losses

In extant literature, there are few tax return cases appearing in journals. We present a complex case using a realistic scenario that is designed to be an introductory tax return assignment used in an individual federal income taxation course. The case is designed to teach students how to manually prepare a federal income tax return using the actual forms and schedules prepared by the Internal Revenue Service (IRS). This case is timely for two reasons. 1) Often tax return assignments in textbooks involve concepts that a student has yet to learn. For example, a textbook assignment often includes itemized deductions and credits, even though these topics are typically taught towards the end of an individual tax course. 2) In addition, with the availability of information on the internet, students have greater access to solutions to textbook assignments. This case comprehensively examines concepts typically covered in the first three or four chapters of an individual tax text: various types of income, exclusions, personal and dependency exemptions, capital gains and losses, and the standard deduction.

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