How To Enjoy The Tax Cuts And Jobs Act – Part 2
I was really pleased that they left 1031 intact for real estate. Its repeal would create a crisis in the market for net lease commercial real estate, which is fueled by 1031 money. But the fact that they eliminated it for everything else, makes me nervous.
How To Enjoy The Tax Cuts And Jobs Act
Each section is divided into four parts. Present Law, House Bill, Senate Amendment and Conference Agreement. Skip to the Conference Agreement. That will give you an explanation of the actual bill that the House and Senate will be voting on. In some cases, it will refer you back to either the House Bill or the Senate Amendment, then you have to roll back. Or you may be curious enough to roll back anyway to see the different thinking of the House and the Senate. Sometimes the Conference Agreement has no provision and then you can roll back and see what people were thinking about that did not make it into the final bill.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.