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January 7, 2008 12:00 am
AMT Patch at Last
Just before Congress recessed for the Christmas break, it approved a one-year fix to the alternative minimum tax (AMT) problem
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Tax Glossary
Capital gain or loss
The difference between amount realized and adjusted basis on the sale or exchange of capital assets. Long-term capital gains are taxed favorably. Capital losses are deducted first against capital gains, and then again up to $3,000 of other income.
