May 15th, Tax Notes
Chair of the Ways and Means Committee Dave Camp repurposes mark to market for derivatives in a much-improved form in his second iteration of tax reform and Viva Hammer discusses the merits of the proposal Making Camp a Marking Man
The income tax has made a problem for itself. It wants you to measure your tax obligation every year at the gong of a bell that rings at the same time each year. But some things the tax law calls income don’t answer to the gong of a bell. They happen whenever, and the tax law must decide what to do with income that behaves in a whenever kind of way.