The mid-year report from National Taxpayer Advocate Erin M. Collins contains an assessment of the 2021 filing season. It assesses the IRS response to 73 administrative recommendations that the Advocate made in the 2020 Annual Report to Congress that was released at the start of 2021. Finally, it identifies key objectives that the Taxpayer Advocate Service will pursue in the upcoming fiscal year. Here are some interesting takeaways from the report:
Depreciable property used in a trade or business and held for more than a year. All Section 1231 gains and losses are netted; a net gain is treated as capital gain, a net loss as an ordinary loss.