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- W1591110012 abstract "Two desirable properties for a tax system that must specify tax treatments for new financial instruments are consistency and universality. A tax system is universal if system can designate a tax treatment for any cash flow pattern. Consistency requires that tax treatment for each cash flow pattern be unique. A third property, linearity, holds if dividing cash flow into different combinations of securities will not affect tax treatment.One way to achieve consistency and universality is to construct a tax system with a single systematic pattern of taxation, such as cash flow taxation or accretion taxation. But this extreme degree of homogeneity is not necessary. Consistent and universal tax systems can harbor radically different treatments for different types of transactions. Bifurcation divide a new financial instrument into certain prototype transactions with known tax treatments. The tax treatment for new instrument is sum of tax treatments of prototypes that sum up to instrument. Integration use rules that tax aggregates of instruments within taxpayer's portfolio.Bifurcation methods have a natural connection to linearity. These methods will not achieve consistency and universality in a nonlinear setting unless they are accompanied by elements of an integration approach. All universal and linear tax systems can be generated by the spanning method, a specific kind of bifurcation.Spanning method approaches are only a subclass of a broader set of integration approaches that achieve consistency and universality. In evaluating integration approaches, a key property is continuity, requirement that tax treatments do not jump in response to small changes in any given portfolio. Continuity is a generalization of consistency. The existence of jumps leads to possibility of serious tax manipulation of same sort that would arise from inconsistencies.The current U.S. tax system includes some direct inconsistencies. That is, same transaction can be packaged different ways to achieve different tax results. These inconsistencies can only be eliminated by fundamental reform. Even most powerful integration approaches cannot address problem of direct inconsistencies.This fact raises difficulties for authorities such as Treasury Department and courts who have only low level reform at their disposal. In promulgating regulations or deciding cases that involve new financial instruments, these authorities must choose rules using a second best approach. Loose ends in form of inconsistencies or lack of universality are inevitable." @default.
- W1591110012 created "2016-06-24" @default.
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- W1591110012 date "1994-01-01" @default.
- W1591110012 modified "2023-09-27" @default.
- W1591110012 title "Choosing a Tax Treatment for New Financial Products" @default.
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