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Abolition of NG would mean that no tax deduction is allowed for loss. However the way loss is calculated will still be the same, being the difference between total income and total expense (interest and all other holding costs). In your example, and putting depreciation aside for the moment...

Can't understand your example. If expense = income then you're neutral. The only item that will affect your tax is depreciation. Whether NG is allowed or not will change little in this particular situation. With IRs as they are, most good investment properties nowadays are no longer negative...