In this article, originally prepared for his class in federal income tax, Professor Hjorth explores the theoretical bases and working principles underlying the taxation of capital gains and losses. Beginning with a review of basic federal income tax concepts and the provisions governing computation and recognition of all gains and losses, he proceeds through a comprehensive discussion of the basic Code provisions governing capital gains and losses. Additional discussion focuses on the specialized treatment afforded quasi-capital assets, copyrights and patents, inventory, discount bonds, short sales, small business stock, and foreign corporations.
Roland L. Hjorth,
An Introduction to Capital Gain and Losses,
Wash. L. & Rev.
Available at: https://digitalcommons.law.uw.edu/wlr/vol41/iss4/6