What is the closed transaction doctrine, Taxation

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What is the closed transaction doctrine

Problem

1) What is the closed transaction doctrine, and why does it exist for purposes of recognizing a loss realized on holding property?

2) Explain how a taxable gain on property can be realized because of a casualty event such as a fire or theft. How are these gains treated?

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Taxation: What is the closed transaction doctrine

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Taxation: What is the closed transaction doctrine

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