Fordham Law Review Volume 42 Issue 1 Article 1 1973 In Defense of Capital Gains Constantine N. Katsoris Fordham University School of Law Follow this and additional works at: https://ir.lawnet.fordham.edu/flr Part of the Law Commons Recommended Citation Constantine N. Katsoris, In Defense of Capital Gains, 42 Fordham L. Rev. 1 (1973). Available at: https://ir.lawnet.fordham.edu/flr/vol42/iss1/1 This Article is brought to you for free and open access by FLASH: The Fordham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Law Review by an authorized editor of FLASH: The Fordham Law Archive of Scholarship and History. For more information, please contact [email protected]. FORDHAM LAW REVIEW 1973-1974 VOLUME XLII 0 1973, 1974, by Fordham Law Review EDITORIAL BOARD CHLES R. RAGAN Editor-in-Chief BEVERLY F. CHASE MicuAEI. D. DIGMco.xo Articles Editor Articles Editor JA:Es B. KEANE RANDOLPH AMENGUAL MIcnAE E. TwoZkY Notes Editor Managing Editor Notes Editor GRANT H. G3BsoN TuomAs R. JONES Comments Editor Comments Editor JoHN G. RYAN GREG A. D iLnow Comments Editor Writing & Research Editor ASSOCIATE EDITORS FRAxcis W. B-NNER Banw D. CoGoxo JEROME SIEINMAN MEMBERS DAviD A. BEALE Tm omy R. GRAHAM 3. GREGORY MnLatoE EJICrUND P. BERGAN, JR. IRA J. GRossMAN MIcHAEL V. MmUoNE STUART M. BERNSTEiN MARY J. HAMER MARY C. MONE ROBERT D. BICxFoRD, JR. HowARD R. HAwIciNs, JR. VILLIAM J. ODERICK RcUCHAR A. CnuLo RAYm oD C. JAL Ls KmN'no P. O'CoNNOR HARVEY CMuN Ricmuw R. KAunow DENIsE G. PAULLY RicnARD G. CLARKE GILBERT L. KLExANN, II RussELL C. PRCII CHARLES H. COCHRAN~ ELoi LAUER CHRISTOPHER S. ROONEY BARBARA COHEN JACOB LAUFER JAMES RYAN JAMES E. CoNNos Hiurr F. LEAR GEORoE A. SHANA IAN JOEL E. DAVIDSON ROBERT M. Lvn; JOSEPH R. SIxoNE JAwxs R. DEVrrA KAREN G. LiND WnxrAm J. SPERANZA TnsoTHY Dowo MANUEL R. LLORCA IRENE A. SuLLtvAN PETER M. DUoGx JuDrH R. MACDONALD PAUL 0. SULLIVAN CHARLES FASTENERG Wx. DoUoLs McDouALL ALoy TAMOSHUNAS RAvsoo W. FisER EDwARD D. McKEEvER ROBERT A. UHL ROBERT E. FRIEDMAN JOHN J. MADDEN GLEN WALKER BARRY S. GEDAN PETER MICHAEL MADDEN WOODROW J. WILSON BRUNO GOLDBERG JA MEs J. MAHON, JR. DAvID W. WLTFEuRo BEVERLY B. GOODWIN THEODORE P. MANNO DzA z L. YEAGER PAUL A. MEROLLA ANN V. SurtA Business Secretary EDITORIAL AND GENERAL OFFICES Lincoln Center, 140 West 62nd Street, New York, N.Y. 10023 Published four times a year-October, December, March and May. Member, National Conference of Law Reviews. Printed by the Heffernan Press Inc., Worcester, Massachusetts. Second class postage paid at New York, N.Y. and at additional mailing offices. Suascxnox Psxcz $10.00, SiNGLE ISSUE (for issues of Volume XLII) $3.50. Make checks payable to FoRDHAx LAW REvImw. Subscription renewed automatically unless notified to contrary. For price of volumes and single issues prior to Volume XLII please Inquire of William S. Hein & Co., Inc., 1285 Main Street, Buffalo, New York 14209. TABLE OF LEADING ARTICLES-TITLES Tam ArrooBIi PREsuPnION IN THE NEW YORE NARCOTICS LAW. Michael Edward Rose ..................................................................... 761 CABLE TELEVISION AND TII PROMISE OF PROGRAMMING DIvESrrY. D. Bruce LaPierre 25 IN DEFENSE Or CAPITAL GAINs. Constantine N. Katsoris .......................... 1 IDIvIDUAL VS. CoL~c~r-vE AGREErNTS: A STUDY IN CONFLICT AND U IoN LEVERAGE. Peter J. Dekom .......................................................... 495 A NATION TRANQUIIED---A SOcio-LEGAL AxALtsis or nm ABusE or SEDATr.Es IN T=E UTr D STATES. Gerald T. McLaughlin ...................................... 725 PREPARATION or SEcunrns Act REGISTRATION STATEMENTS AND REPoRTs: ME"N THE OBLIGATION TO PROVIDE A BASIS FOR APPRAISING THE PROSPECTIVE D&PACT OF HSTORICAL FnTAciAL 'roicAmroN. Lawrence Lederman ................... 770 A R, vi~w or T=E NATIONAL LABOR RELATIONS BoARD's DEFERRAL POLICY. Michad A. Murphy and Michael A. Sterlacci .......................................... 291 TE SPECIAL SKi.Ls or ADVoCACY: ARE SpECIIE TmAiNo A.D CERTrFICATION or ADvocATEs ESSENTIAL To OUR SYSTEM or JUSTICE? Warren E. Burger ........ 227 TEACHER TENuRE-SoME PROPOSALS FOR CHANGE. Michael R. Lanuarone ............ 526 WHAT IS A MISLEADING STATEMENT OR OMISSION UNDER RULE lob-5? Arnold S. Jacobs 243 TABLE OF LEADING ARTICLES--AUTHORS BURGER, WABREN E., The Special Skills of Advocacy: Are Specalized Training and Certification of Advocates Essential to Our System of Justice? ................ 227 DEKoM, PERs J., Individual vs. Collective Agreements: A Study in Conflict and Union Leverage ................................................................. 495 JACOBS, ARNOLD S., What Is a Misleading Statement or Omission Under Rule lob-5? 243 KArsoRmS, CONSTANTINE N., In Defense of Capital Gains .......................... 1 LA zARONE, MICHAEL R., Teacher Tenure-Some Proposals for Change ............ 526 LAPiERRE, D. BRUCE, Cable Television and the Promise of Programming Diversity ... 25 LEDERMAN, LAwRE cE, Preparationof Securities Act Registration Statements and Re- ports: Meeting the Obligation to Provide a Basis for Appraising the Prospective Impact of Historical Financial Information ................................. 770 MCLAUGHN, GERALD T., A Nation Tranquilized-A Socio-Legal Analysis of the Abuse of Sedatives in the United States ........................................... 725 MuEFprn, MAcuAEL A., AND STERLAcCI, MICHAEL A., A Review of the National Labor Relations Board's Deferral Policy .......................................... 291 ROSE, MICHAEL EDWARD, The Automobile Presumption in the New York Narcotics Law 761 COMMENTS ABOLiToN or FEDERAL OFFICES As AN INFRINGEMENT ON Tm PRE SIDENT's PowER To REmovE FEDERA ExEcuTrVE OFFICERS: A REASSESIaNT O CoNsTUrIONAL DOC N S ............................................................... S62 ifl iv FORDHAM LAW REVIEW Chris-Craft AND SEnIoN 14(e): THE ExPANsIoN or LEAD UNDERWIUTERS' LIADMITY 820 CRMINAL RESPONSIBILITY AND THE DRUG DEPENDENCE DmEirsE-A NEED FOR JUDI- CIAL CLAR ICATION ........................................................ 361 THE EFFECT OF NEW YORE INSURANCE LAW SECTION 167(3) UPON CLAIMS FOR CON- TRIBUTION AND INDEMNITY ................................................. 125 THE HATCH ACT RE rzmm: D-nSE oF OvERBRFDTH R V w? ................. 161 IAznG nm CLAss DETERMINATION IN R E 23(b) (3) CLAsS ACTIONs ............. 791 REIGO IN POLITIcS AND THE INCOmE TAX ExEmPTON .......................... 397 SUBSTANTIVE Ru ,Em xI AND THE FTC ....................................... 178 VIOLENCE A" OBscunJT-Chaplinsky Revisited ................................. 141 NOTES THE BENIGN HoUsim QUOTA: A LEGITmTE WEAPON To FIGHT WmTE FLIG1T AND RESULTING SEGREGATED COMMUITIES? ...................................... 891 BImouAL NOnE-T E PIGHTS or NoN-ENGLisH-SPxING WELFARE RECIPiTS ... 626 DUE PROCESS AND THE DEVELOPMENT OF "CRIMINAL" SAFEGUARDS IN CIVIL COMMIT- MENT ADJUDICATIONS ...................................................... 611 THE EVOLVING RIGHT OF DUE PROCESS AT PRISON Disc NpAr HEARINGs .......... 878 A FYrxi STANDA FOR STATE REAPPORTIONMENT CASES ........................ 641 JuDICIA LEGERDEMA: 18 U.S.C. § 3501 PU.ED FROM Miranda's HAT ............ 425 LIABILT INSURANcE-A MoVE To LIMIT TuE ExcEss JUDGEMNT DAmAoES AWARD 439 RETROA CTnVI IN CIVIL SUITS: Linkletter MoDIFIED .............................. 653 THE RIGHT To TRAVEL ABROAD ................................................. 838 SEmUIS ExcHANGE ACT SECTION 16(b): FOURTH CIRCUIT HARVESTS SOME KernELs oz Gold .................................................................. 852 INDEX DIGEST ACCOUNTING Judicial Review of FTC Action 18S-86 NLRB's Deferral to Arbitration 291-360 See also Corporations, Privileges and Im- Early History 292-98 munities, Rule lOb-S, Securities, Taxa- Motivations 339-60 tion Procedural Safeguards 183-85, 191, 878-79 Accountant-Client Privilege Due Process 184-85 197-202, 206-10 Right to Submit Evidence 185 Accounting Principles and Standards for Regulation of Cable Television 37-119 Presenting Historical Financial Infor- Relation to Prison Hearings 884 mation 772-77 Accounting Principles and 10b-S Dis- closure 265-67 AGENCY Estimating "Surplus Surplus" 776 See also Corporations, Insurance Inventory Adjustments 778-79 Agent's Liability for Misuse of Inside In- Obligations of Accountants in Preparing formation 214-17 Registration Statements 770-89 Fiduciary Relationship 211-24, 275-78 Servant's Duty of Faithful Service 130 ADMINISTRATIVE AGENCIES ANTITRUST See also Administrative Law Civil Service Commission 171 See also Torts FCC 32-119, 191 Competitive Business Torts 909-24 FTC 178-96, 631 Per Se Violations of Sherman Act Sec- HEW 630, 639, 752-54 tion 1 909-24 NLRB 291-360, 519-20 Intent to Harm Competitor 909-24 OMB 562-66, 594-601, 610 Restraint of Trade 911-13 Rule of Reason 911-15, 923-24 ADMINISTRATIVE LAW Unfair Competition 909-24 Taxation of Antitrust Recoveries 4-5 See also Arbitration, Cable Television, Federal Courts ARBITRATION Administration of Federal Judiciary See also Administrative Law, Education, 480-92 Labor-Management Relations Adminitrative Efficiency 883-84 Discovery in Arbitrable Disputes Bilingual Notification in Welfare Hear- 296, 357 ings 626-40 NLRB'S Deferral to Arbitration 291-360 Circuit Court Judicial Councils 477-92 Arbitration Jurisdiction 295-318 Early Lack of Direct FCC Control over Arbitration of Statutory Rights 307-44 Cable Television 38-43 E-haustion of Remedies 329-31 FCC Jurisdiction over Cable Television Motivations 339-60 38-51,