In a two-page paper, separately evaluate each of the following alternative proposals for taxing the income from property.
a. All assets would be valued at the end of the year, any increase in value that occurred during the year would be included in gross income, and any decrease in value would be deductible from gross income.
b. No gain or loss would be recognized until the taxpayer sold or exchanged the property.
c. Increases or decreases in the value of property traded on a national exchange (e.g., the New York Stock Exchange) would be reflected in gross income for the years in which the changes in value occur. For all other assets, no gain or loss would be recognized until the owner disposes of the property.