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Tuesday, Might 16, 2023
Soled & Thomas: AI, Taxation, And Valuation
Jay A. Soled (Rutgers; Google Scholar) & Kathleen DeLaney Thomas (North Carolina; Google Scholar), AI, Taxation, and Valuation, 108 Iowa L. Rev. 651 (2023) (reviewed by Mirit Eyal-Cohen (Alabama; Google Scholar) right here):
Nearly each tax system depends upon correct asset valuations. In some circumstances, that is a straightforward identification train, and the precise truthful market worth of an asset is quickly ascertainable. Usually, nonetheless, the reverse is true, and ascertaining an asset’s truthful market worth yields, at finest, a numerical vary of doable outcomes. Taxpayers generally capitalize upon this uncertainty of their reporting practices, such that tax compliance lags and the IRS has a troublesome time fulfilling its oversight duties. As a by-product of this dynamic, the Treasury suffers.
This Article explores how tax techniques, using synthetic intelligence, can strategically handle asset-valuation issues, providing sensible reforms that may assist obviate this nettlesome and age-old drawback. Certainly, if the IRS and Congress have been to benefit from this new and revolutionary technological method, doing so would bode properly for extra correct asset valuations and thereby foster larger tax compliance. Put considerably otherwise, within the Data Period by which we exist, it’s merely not true that correct asset valuations are unattainable.
https://taxprof.typepad.com/taxprof_blog/2023/05/soled-thomas-ai-taxation-and-valuation.html
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