https://www.taxtmi.com/article/detailed?id=7858 Proposed amendments include the fair market value of inventory converted into or treated as a capital asset within the definition of income and fix the conversion date as date of acquisition for capital gains reckoning; the author contends taxing fair market value on internal reclassification is unjustified, proposing instead that income be computed on actual sale using book value at conversion while capital gains rules apply on disposal. en-us Sat, 03 Feb 2018 08:01:38 +0530 Sat, 03 Feb 2018 08:01:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7858 Proposed amendments include the fair market value of inventory converted into or treated as a capital asset within the definition of income and fix the conversion date as date of acquisition for capital gains reckoning; the author contends taxing fair market value on internal reclassification is unjustified, proposing instead that income be computed on actual sale using book value at conversion while capital gains rules apply on disposal. Articles Budget - Tax Proposals Sat, 03 Feb 2018 08:01:38 +0530 https://www.taxtmi.com/article/detailed?id=7858