The Taxpayer Relief Act of 1997, in reducing the rates on long-term capital gains, reduced the rates further from 10 percent to 8 percent and from 20 percent to 18 percent for assets held for more than five years.
Harl, Neil E.
""Deemed Sales" of Capital and Section 1231(b) Assets,"
Agricultural Law Digest: Vol. 13
, Article 1.
Available at: http://lib.dr.iastate.edu/aglawdigest/vol13/iss14/1