Abstract
The following discussion brings to the forefront the present treatment of capital gains. It joins the line of commentary that is generally critical of the present capital gain provisions on the basis of inadequate justification for the substantial and what is argued to be arbitrary preference, which in itself is based on a historical tradition and theoretical argument that hardly holds water in the modern age. At the same time, this piece stops short of advocating a radical reform of the capital gains treatment. Before any drastic action in this arena can be undertaken, a much more complete and thorough study of the myriad of interconnected issues is in line.
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