[WSBAPT] Capital gains tax upheld

[Joshua McKarcher]

Always has been. It's on the gross revenue, just like the real estate tax is on gross sales price. (Any "deductions" are not applicable generally to all parties, like this $250,000 "deduction" on the capital gains tax.)

The capital gains tax is on a number net of a deduction granted ($250,000). (These are generalities, of course. There are details, I realize.)

But anyhow, it's all semantics, and the 7 in the majority are the only ones whose opinions matter. But that sentence is a whopper, no matter which side one is on.

All my best, Josh

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Jeff at bellanddavispllc.com
Sent: Friday, March 24, 2023 10:15 AM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Capital gains tax upheld

So that means the B & O tax we pay on our income is also an excise tax and not an income tax.

W. Jeff Davis
BELL & DAVIS PLLC
Attorneys at Law
P.O. Box 510
720 E. Washington Street, Suite 105
Sequim WA 98382
Phone: (360) 683.1129
Fax: (360) 683.1258
email: jeff at bellanddavispllc.com<mailto:jeff at bellanddavispllc.com>
www.bellanddavispllc.com<http://www.bellanddavispllc.com/>

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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Joshua McKarcher
Sent: Friday, March 24, 2023 9:55 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Capital gains tax upheld

Enjoy this gem. So far, this is my "favorite" sentence:

"The capital gains tax is appropriately characterized as an excise because it is levied on the sale or exchange of capital assets, not on capital assets or gains themselves."

Tax = [y%] x [Gross gain - $250,000]

I will not go on. Best, Josh

Joshua D. McKarcher
McKarcher Law PLLC
537 6th Street
Clarkston, WA 99403
(509) 758-3345
(509) 758-3314 (fax)
josh at mckarcherlaw.com<mailto:josh at mckarcherlaw.com>
www.mckarcherlaw.com<http://www.mckarcherlaw.com/>



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