The Tax Reform Act of 1986 did an excellent job of removing logic from and adding complications to the tax law. All this was accomplished in the names of simplification, logic, and fairness!
Traps set by the 1986 law still haunt taxpayers today. Some of the traps destroy tax deductions for the money you lend to your corporation. Lawmakers set these traps to work like this: The 1986 act
divided miscellaneous deductions into two categories: those subject to the 2 percent of ... Log in to view full article.