House Speaker Paul Ryan (R-WI) has said he wants to tackle tax reform in the spring, after health care reform and the spring budget pass. Senate Majority Leader Mitch McConnell (R-KY) has stated tax reform will likely occur later than that. While health care reform is proceeding rapidly, with the release of the American Health […]
This week, the Congressional Budget Office (CBO) is expected to “score” the proposed bill that U.S. House representatives have released to replace the Affordable Care Act. The CBO score will calculate the cost of the American Health Care Act, as well as how many Americans would lose health coverage under it. According to its website, […]
Like many business owners, you might also own highly appreciated business or investment real estate. Fortunately, there’s an effective tax planning strategy at your disposal: the Section 1031 “like kind” exchange. It can help you defer capital gains tax on appreciated property indefinitely. How it works Section 1031 of the Internal Revenue Code allows you […]
The U.S. Tax Court has redetermined for estate tax purposes the value of a deceased individual’s two 17th Century “Old Master” paintings. The court rejected the estate’s valuation because it determined that its expert witness stood to gain from providing a lowball estimate, didn’t offer supporting comparables for the valuations, exaggerated the paintings’ dirty condition, […]
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