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From: wmartin@brl-tgr.ARPA (Will Martin )
Newsgroups: net.taxes
Subject: Tax Reform efforts
Message-ID: <11085@brl-tgr.ARPA>
Date: Tue, 28-May-85 14:03:44 EDT
Article-I.D.: brl-tgr.11085
Posted: Tue May 28 14:03:44 1985
Date-Received: Thu, 30-May-85 07:01:03 EDT
Distribution: net
Organization: USAMC ALMSA
Lines: 27

A query about the seemingly innumerable tax reform packages and proposals
that get uniformly uninfomative news coverage these days:

My current tax situation has, for the past 4 or so years, included
a $3000 loss each year from a large loss we incurred when my wife tried
to open and run a retail business. The tax laws have allowed us to write off 
this loss, but we are limited to writing off only $3000 per year from the
total, and carrying forward the remainder to next year's return.

I have seen no comments or explanations of the new tax reform packages
which have ever mentioned this situation. I still have about three year's
worth of $3000-per-year losses to finally write off this total amount.
Now, I expect that, no matter what tax reform package ever gets adopted,
it will not take effect for some time, so maybe this will all be
written off under the current law by the time any such new system is
adopted, so maybe this issue is really moot, as far as I am concerned.
Nonetheless, others are in the same situation, and may have decades of 
$3000-per-year writeoffs remaining to use up. 

So, what I am asking is whether such reductions to income due to losses
will be allowed under the tax reform packages, or by some and not by
others? Can anyone give any detail on this subject?

Regards,
Will Martin

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