Real Estate Values, Federal Income Taxation, and the Importance of Local Market Conditions
构建了一个收入型房地产估值模型，将地方市场条件纳入分析，并应用于资本利得税减免分析，发现部分逆转TRA86房地产条款将更有利于那些最需要提振房地产价值的市场及相关贷款机构。
This article develops an income property valuation model that explicitly incorporates the effects of local market conditions. In particular, the model allows real rents to respond to a change in tax law, or to any exogenous shock to the system, with the dynamics of the rent change over time dependent upon current local supply and demand conditions and on the expected rate of economic growth in the local economy. Application of the model to an analysis of reduced capital gain taxation demonstrates that a partial reversal of TRA86's real estate provisions would disproportionately benefit those markets, and related lending institutions, which are most in need of a bolstering of real estate values.