Federal taxes on income, gifts and estates reduce the fruits of investment success, but otherwise seem unrelated to investment decision-making. Our tax law and culture do not permit U.S. taxpayers to treat their tax returns as an opening bid. In theory, every tax question is expected to have a right answer, however obscure that answer may be. Contrast this mindset with the marketplace of investing, where differences of opinion are more plentiful than opportunities, and investors constantly ...

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