Allyson Versprille, of Bloomberg Tax, has recently made available their article that discusses President Biden’s capital gains plan. Her article, “Tax Pros Perplexed by Scope of Biden’s Capital Gains Overhaul,” begins as follows:
The Biden administration’s planned capital gains overhaul has tax professionals and wealth advisers eager for more details, including how lawmakers will tailor legislative language concerning the way contributions to partnerships are taxed.
President Joe Biden’s proposal goes beyond raising the top rate for gains by stocks, bonds, real estate, and other assets. His plan, intended to pay for trillions of dollars in new infrastructure and social spending, also calls for taxing appreciated assets passed on through gifts or at death.
That includes, according to details contained in the Treasury Department’s recent “Greenbook” of revenue proposals, taxing transfers of property into, and distributions from, certain entities including partnerships. The Greenbook language on partnerships raised concerns for several tax professionals, including lawyers at Gibson, Dunn & Crutcher LLP, who referred to it as “startling in its breadth.”
To view the full article, click here: “Tax Pros Perplexed by Scope of Biden’s Capital Gains Overhaul.”
Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.