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What is Greene v. U.S. Tax Liability Appeal about?

This document summarizes a court case regarding the tax liability of Leonard and Joyce Greene for their donation of futures contracts to charity from 1983 to 1987. The Greenes argued that under section 1256 of the tax code, they did not have to recognize gains in the fair market value of the contracts at the time of donation since they did not actually receive any money. However, the court held that section 1256 requires the use of accrual accounting, which tracks changes in market value independent of disp

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Scribd Government Docs

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EN