Senate approves amendments to preserve stepped up basis and like-kind exchanges
There is developing news about the tax plan in Washington so many of you have expressed concern about. The Senate has voted to preserve stepped-up basis and prevent a capital gains tax at death.
It happened in the early morning hours Wednesday, as the Senate approved a $3.5 trillion dollar budget blueprint. Details are just now trickling out about the marathon session.
Sen. John Thuneprevailed in passing his amendment one week after saying he would fight to protect farmers and ranchers.
Sen. John Kennedy prevailed in his amendment to preserve current tax laws regarding like-kind farmland exchanges.
The real test will come a week from Monday, when the House returns early from its recess to start debating the measure.