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October 26, 2010

CA's Daughter

This CA had just read the story of Cinderella to his four-year-old daughter for the first time.

The little girl was fascinated by the story, especially the part where the pumpkin turns into a golden coach.

Suddenly she piped up, "Daddy, when the pumpkin turned into a golden coach, would that be classified
as income or as long-term capital gain?"

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