Law Commons^™

Note And Comment, William C. O'Keefe, Edson R. Sunderland, Grover C. Grismore

Michigan Law Review

Taxation - Internal Revenue Act - Under the federal Revenue Act of i921 the taxable profit or deductible loss on sales of stock, bonds and other property is the actual profit or loss, if the purchase was after February I, 1913. Act, § 2o2 (a). The tax payer (other than a corporation) may, however, at his option, pay a flat tax of 1232% on his profit, provided he has held the property more than two years, and provided further that he first deducts losses on other property, and provided further, that his total tax is at least 1232% of his …