Bloomberg Tax
June 9, 2021, 6:00 PM UTC

Tax Pros Perplexed by Scope of Biden’s Capital Gains Overhaul

Allyson Versprille
Allyson Versprille
Reporter

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 ...

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