IRS regulations' superior concept of income (tax) averaging is superior to their inferior Long-term-capital gains concept.
IRS's (superior for tax purposes), averaging incomes ove numbers of years should again be generally, rather than its currently limited availability to taxpayers. Additionally, its duration of applicable years should be expanded. It should completely replace IRS's “Long-term-capital-gains” Revived and expanded regulations to replace regulations should again be generally, rather than to limited extents available to individual taxpayers.
IRS's provisions for “Income Averaging” for the purpose of reducing individual's total tax liabilities over a number of years, were applicable to almost a sources and method of individuals' acquired incomes, but even in those eras, many attorneys and accountants weren't familiar with those tax provisions. Income (tax) averaging provisions of IRS regulations are still available to taxpayers, but to a much more limited extent, and some of it has been modified.
[Refer to:
The USMB Economic forum's thread, “Capital gains & income averaging” thread posted on 28JAN2012
and regarding low-income housing tax regulations, refer to link,
The IRS issues proposed regulations on income averaging | Nixon Peabody LLP
and regarding income derived from farming or fishing, refer to link,
IRS Tax Filing Income Averaging Information | Legal Beagle
Respectfully, Supposn
IRS's (superior for tax purposes), averaging incomes ove numbers of years should again be generally, rather than its currently limited availability to taxpayers. Additionally, its duration of applicable years should be expanded. It should completely replace IRS's “Long-term-capital-gains” Revived and expanded regulations to replace regulations should again be generally, rather than to limited extents available to individual taxpayers.
IRS's provisions for “Income Averaging” for the purpose of reducing individual's total tax liabilities over a number of years, were applicable to almost a sources and method of individuals' acquired incomes, but even in those eras, many attorneys and accountants weren't familiar with those tax provisions. Income (tax) averaging provisions of IRS regulations are still available to taxpayers, but to a much more limited extent, and some of it has been modified.
[Refer to:
The USMB Economic forum's thread, “Capital gains & income averaging” thread posted on 28JAN2012
and regarding low-income housing tax regulations, refer to link,
The IRS issues proposed regulations on income averaging | Nixon Peabody LLP
and regarding income derived from farming or fishing, refer to link,
IRS Tax Filing Income Averaging Information | Legal Beagle
Respectfully, Supposn
