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From: newton2@ucbtopaz.UUCP
Newsgroups: net.invest
Subject: Re: Long term gains = 6 mths - (nf)
Message-ID: <556@ucbtopaz.CC.Berkeley.ARPA>
Date: Wed, 19-Sep-84 11:53:49 EDT
Article-I.D.: ucbtopaz.556
Posted: Wed Sep 19 11:53:49 1984
Date-Received: Tue, 25-Sep-84 21:00:49 EDT
References: <52900026@trsvax.UUCP>, <752@ihuxk.UUCP>
Organization: Univ. of Calif., Berkeley CA USA
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I believe the situation with respect to property acquired before June 22, l984 is as you fear: the holding period is one year. The new 6-month holding period
applies only to property acquired after that date (if indeed 22 June is the
effective date- I don't remember).

Tax writers take this approach frequently, often making the effective date retroactive to the date an action was agreed on in committee rather than when the
law was actually passed or signed. This is to prevent an avalanche of hasty
deals to take advantage of previously more generous rules. A recent example
was the extention of the real estate depreciation schedule to 18 years from
15-- it applies to deals entered into somewhat earlier than the actual
passage of the new law.