Congress said, finally--I think wisely--in 1986, that we don't want to create rules that encourage people to do a different sort of business just to evade taxes.

最终,国会在1986年明智地提出,我们不想制定法规,鼓励人们仅仅为了避税,而尝试不同的赚钱方式

耶鲁公开课 - 金融市场课程节选

If they didn't have a particular tax advantage to DPPs, they went into REITs.

既然在DPP没有避税优势了,人们便转向投资REITs

耶鲁公开课 - 金融市场课程节选

Before 1986, the tax law allowed use of DPPs as a tax loss device.

在1986年之前,税法允许DPP作为一种避税工具

耶鲁公开课 - 金融市场课程节选

People would invest in buildings solely for tax purposes because you could write off the depreciation on the building, so people were cynically setting up DPPs as tax shelters only.

人们可以仅仅为了避税而投资一幢大楼,因为你可以对大楼计提折旧,注,计提的折旧可以抵扣税前收益从而减少应交税金 所以讽刺的是DPP仅被当做了避税工具

耶鲁公开课 - 金融市场课程节选

So it eliminated the tax advantage.

这就消除了DPP的避税优势

耶鲁公开课 - 金融市场课程节选