减少和避免所得税的艺术[文献翻译]

原文：TheFineArtofReducingandAvoidingIncomeTaxesStartingwiththeTariffActof1913,whichencompassesthefirstincometaxonindividualsfollowingtheadoptionoftheSixteenthAmendment;taxpayershavebeenzealouslyattemptingtominimizetheirtaxliability.Unfortunatelyintheirdesiretoachievethisresultvariousschemeshavebeendevisedwhichborderonfraud.Thisarticleexploressometaxplanningideasforindividualswhichmayprovidetaxpayersthewherewithaltoattaintheirgoal-lowerincometaxes.Itshouldbenoted,however,thatbeforeimplementinganyofthesuggestedideas,individualsshouldreviewthemwithqualifiedcounsel.CAPITALGAINSANDLOSSESUndertheTaxReformActof1969thealternativetaxonlong-termcapitalgains(gainsonthesaleofcapitalassetsheldforMOREthansixmonths)hasbeenmodified.FortaxableyearsbeginningafterDecember31,1969thefirst$50,000oflong-termcapitalgains,forindividuals,estatesandtrusts,istaxedat25%.Anynetlong-termcapitalgains(i.e.excesslong-termcapitalgainsovershort-termcapitallosses)inexcessof$50,000isthensubjecttoaneffectivemaximumtaxof35%(50%ofthecurrentmaximumtaxrateof70%).Netshort-termcapitalgains(i.e.excessshort-termcapitalgainsoverlong-termcapitallosses)arestilltaxedasordinaryincome.Atfirstblushitwouldappearthatsignificanttaxsavingscouldbeachievedbystructuringsalesofcapitalassetstoobtainthebenefitsofthealternativetax.Inrealitythisisonlyillusory.Themaximumtaxsavingsonecanhopetoachieveviathealternativetaxprocedureisonly$5,000.EXHIBITAMaximumtaxonnetlong-termcapitalgains35%Maximumtaxonthefirst$50,000oflong-termcapitalgain25%Difference10%TaxSavingsundertheAlternativeTax;First$50,000ofLong-termcapitalgain*10%$5,000Probablymoreinterestingisthefactthatifthetaxpayer’sonlyincomeislong-termcapitalgainsthealternativetaxprocedurewillALWAYSyieldsaHIGHERtaxthanthenormaltaxcomputation.Thisisevidencedbythefactthatthenormaltaxratesaregraduatedwherethealternativetaxisaflat25%onthefirst$50,000oflong-termcapitalgains.Ifthetaxpayer'snetlong-termcapitalgainisatleast$50,000,thealternativetaxprocedureproducesataxwhichishigherthanthenormaltaxby$6,480.EXHIBITB$50,000oflong-termcapitalgainat25%$12500Taxon$50,000-ScheduleY-1972TaxRateSchedules$6020IncreaseinTaxUsingAlternativeMethod$6480AlsomodifiedbytheTaxReformActof1969wastheutilizationofnetlong-termcapitallosses(i.e.excesslong-termlossesovershort-termgains)tooffsetordinaryincome.Basically,ifanindividualhasanetcapitallossforthecurrentyear,hemayreducehisordinaryincomeuptobutnotexceeding$1,000.Netshort-termcapitallossesareusedtooffsetordinaryincomeonadollar-for-dollarbasis.However,netlong-termlossesarisingafter1969,reduceordinaryincomeonatwo-for-onebasis(i.e.forever$1reductionagainstordinaryincome$2ofthelong-termlossmustbeused).Itshouldbenotedthatinapplyingcapitallossestooffsetordinaryincometheshort-termlossesareappliedfirst.Moreover,anylossesnotusedtoreduceordinaryincomearecarriedforwardtofutureyearsretainingtheircharacteraseithershort-termorlong-termlosses.Individualswhohavenumerousstocktransactionsshouldseparatelycomputetheirstocktransfertax(generallyshownonthebroker’sadvice).Thistaxwouldbeanitemizeddeductionwhileincreasingthenetproceedsonthestocksale.SincethetaxhasbeendeductedfromthenetprecedesitMustbeaddedbackwhenclaimingthetaxasaseparatededuction;otherwiseitwouldbedeductedtwice.Inthismannergainsareincreased,lossesarereducedandtheindividualobtainsafulldeductionforthetransfertaxathisnormaltaxbracket.Thetaxsavingsachievedbythismethodissurprisinglyhigh.Taxplanningdictatesthatacarefulanalysisofthetaxpayer'sinvestmentportfolioismadetoensurethatthemaximumbenefitsareachievedwhenusingthecapitalgainsandlossprovisions.Obviously,thetimingofthetaxpayer’ssaleofcapitalassetsbecomescrucial.SHORTSALESAGAINSTTHEBOX-LONGINBENEFITSThesophisticatedinvestorhasbeenabletoutilizetheshort-sale-against-the-boxtechniquetocontrolthetaxtimingofcapitalgains.Althoughtheinvestor,atthetimeoftheshortsale,hasfixedhisoveralleconomicgain,thetaxablegainisnotrealizeduntiltheshortsaleisclosedout;thatis,thesecuritiesaredeliveredtothepurchaser.Moreover,priortoAugust1967shortingagainsttheboxwasalsousedtocircumventthewash-salerules.Canthisshortsaletechniquebefurtherextendedtocompletelyeliminatecapitalgainsonsalesofsecurities?Hereishowitwouldwork.Mr.Smithowns100sharesofXCo.whichareheldbyhisbroker.OnSeptember1,1973heinstructshisbrokertosellthesesecurities“shortagainstthebox.AtthispointMr.Smithiscreditedwiththeproceedsofthesale,inashortaccount,whilestillmaintaininghislongpositioninXCo.Stock.Thus,thereisnotaxableeventasyet.NormallyMr.SmithwouldthencloseouttheshortsaleinJanuary1974,effectivelypostponingtherecognitionofcapitalgainfrom1973to1974.Thisisthestandardtransaction.However,Mr.Smithhasnointentionofclosingoutthetransactionduringhislifetimesincerecanobtainasubstantialamountofcashimmediatelywithoutincurringanytax.Theresultswouldbeasfollows:1.DURINGHISLIFETIME.Norecognitionofcapitalgainonthesaleof100sharesofXCo.Sincethesalewasnotclosedout.2.MR.SMITH'SESTATE.Thepossibilityofnorecognitionofcapitalgain.Thetaxbasisofthe100sharesoftheXCo.,heldinthelongposition,wouldtakeonastepped-up