Valuing Depreciable Assets
分析了1986年税收改革法案对折旧资产最优持有期的影响，比较了1981、1984和1986年不同税制下的交易策略，发现尽管折旧税收优惠减少，折旧资产价值仍可能上升。
The 1986 Tax Reform Act is likely to extend optimal holding periods of depreciable assets until the point in time at which the tax basis is exhausted. Additionally, practitioners in the real estate markets tend to argue that the 1986 Tax Reform calls for a major reduction in depreciation tax benefits. Despite the reduction in benefits, values of depreciable properties may nevertheless rise. This paper analyzes various tax legislations in terms of the effect these legislations have on the optimal trading policy for depreciable assets. The tax code of the 1981 accelerated cost recovery system (ACRS), the 1984 ACRS, and the new 1986 Tax Reform Act are compared.