The Vote WAS NOT even close and here is the reason why; The small business owner was heard by all; read the 'fine print', the taxman was the big winner.
1. The House has spoken.
2. Chairman Archer was the big winner this week.The National Federation of Independent Businesess was in Washington, D.C. and got what they wanted.
3. The Taxman is the real winner.
Chairman Archer said it all, Death is not the time to have a taxable event, and with those words the true meaning of the estate and gift repeal were spoken [the stepup in basis may be history for the RICH]. The fine print, or as they say its in the details.
If the above becomes law then the roll over provisions will be where the creative ones [lawyers and accountants] will run to in doing the next generation of tax planning for their clients and we suggest that IRC Sections 1044 and 1045 will be a good place to start.
Jim Schneider, LL.M.
The Taxman86 Speaks... is copyright 1998-2010 by James E. Schneider, LL.M. Inc.