Last year’s proposed tax changes in the Build Back Better Act were full of sound and fury but ultimately no major tax legislation was passed. While the revised Build Back Better Act generally removed the estate and gift tax changes and many of the individual and corporate income tax hikes,…
Category: Tax Planning
For tax purposes, the basis of an asset generally equals its purchase price, and an asset’s basis determines the gain or loss when sold. If, for example, you purchase stock for $50 that you later sell for $75, you have a $25 taxable gain (i.e., $75 sale price less your…
