Tag Archive for Tax Proposal

Key Tax Deferral Tool For Art Sales On The Chopping Block In U.S. Legislation Proposals

What will Trump’s tax reforms mean for the art market?

The tax legislation proposals currently under consideration by the United States Congress contains a number of concepts that would affect the art market. One would eliminate the availability for art sales of so-called ‘1031’, or ‘like-kind’, exchanges, a provision that can defer payment of tax when property is sold and reinvested in similar property. While it is difficult to quantify the effect that passage would have, it would undoubtedly encourage more caution among investors and have a downward effect on the volume of art sale transactions. Read More

Written by | Posted in Tax Proposals

A Proposed Border Adjustment Tax!

TaxConnections Member

Over the past few weeks, I’ve had numerous clients ask me about how they might be impacted by the border adjustment tax. In fact, so many have expressed concern that they’re already seeking advice on how to avoid being impacted, even though nothing has been enacted into law. For those of you whom are unfamiliar with the subject, the border adjustment tax is currently a proposal, not law. The idea is derived from the House Republican’s Ways and Means Committee tax reform blueprint, “A Better Way”.[i]

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Written by | Posted in Tax Reform