Land Markets and Tax Reform: The Effects of Passive Loss Limitations
研究了1986年《税制改革法案》中被动损失限制规定对土地市场的影响，该规定限制了纳税人用传统税收活动损失抵扣其他收入，从而堵住了避税的主要渠道。
The Tax Reform Act of 1986 is the most sweeping tax law revision since the creation of the Internal Revenue Code in 1913. The focus of this law is on equity and economic efficiency, and it is on both criteria that the far-reaching anti-tax-shelter provisions enjoy congressional support. The new limitation on loss (LOL) regulations are an integral part of these anti-tax-shelter provisions. The LOL regulations restrict taxpayers' ability to use traditional tax activity losses to reduce other income tax liabilities, hence they close off the primary channel through which the shelter value of such activities is created.