For this assignment present both positive and negative consequences of the proposed tax law change...
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Accounting
For this assignment present both positive and negative consequences of the proposed tax law change with relation to the topic stated below: Assume that this is presented to your most valuable client. Estate planning: Estate taxes may affect more taxpayers, as proposals suggest reducing the per person estate-free lifetime limit from $11.7 million to as low as $3.5 million per person. Other plans accelerate the 'sunset' that will occur in 2026 under current law, which reduces to $5 to $7 million. Additionally - and perhaps more impactfully - as proposed, death will be considered a taxable transfer event where cost basis is no longer 'stepped-up' but rather all unrealized gains are recognized as death
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