In Brief-One provision of the 1997 tax law change is
just starting to hit. New lower capital gains rates will apply to property
held for more than five years. For taxpayers in the 15 percent bracket,
an 8 percent capital gain rate will apply to gain from property held more
than five years. Under the current rules, the rate is 10 percent. If you
are in the above 15 percent bracket, you will not be able to cash in on
the new 18 percent rate until 2006. One exception would allow a property
to be marked to market at the beginning of 2001.A 1997 tax law changed taxation
of capital gains. A variety of capital gain rates were established, depending
on asset classification and taxpayer bracket. Rate application depended
on the holding period of various assets through new definitions of short-,
mid- and long-term holding.
"It doesn't make any difference. I'll soon be out of business anyway."?This statement came in response to a suggestion I made to a client while
still in practice. I was surprised. The person speaking was a friend as
well as a client, and I knew he ran a profitable operation. He was usually
upbeat and optimistic, but this morning there was irritation in his voice.
As we discussed last month, in this series covering issues relating to non-competition
agreements, there are almost always hidden issues involved when a veterinarian
agrees to limit the scope or location of his or her right to practice his or
1. I will train my staff in the principles of proper delegation, and
delegate everything that can be performed by another qualified staff member,
allowing me to spend my time practicing the skills for which I was trained ...
diagnostic medicine and surgery. I will perform few if any tasks that do not
require a license from my state licensing board.