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The reason why we have to consider a taxpayer's basis under the Tax Code is...

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Accounting

The reason why we have to consider a taxpayer's basis under the Tax Code is the concept of the recovery of capital. What, exactly, is this concept? How does subtracting a taxpayer's basis from the amount realized in a property transaction ensure that these concerns are met? Does this seem like an appropriate thing to do? Why or why not?

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