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2.19 MB
Extraction Summary
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Document Information
Type:
Legal/tax memorandum
File Size:
2.19 MB
Summary
This document is a page from a legal memorandum summarizing changes brought about by the 'Tax Act' (likely the Tax Cuts and Jobs Act of 2017). It details specific changes regarding foreign subsidiary earnings, the elimination of Section 1031 exchanges for personal property (like artwork and cryptocurrency), revisions to Net Operating Loss (NOL) rules, and significant increases in Estate and Gift Tax exemptions for 2018. The document bears a 'HOUSE_OVERSIGHT' Bates stamp, indicating it was part of a Congressional investigation production.
Timeline (1 events)
December 31, 2017
Effective date for various provisions of the Tax Act (Tax Cuts and Jobs Act), including changes to NOLs and foreign earning calculations.
United States
Locations (1)
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Key Quotes (3)
"One of the major tax raising provisions in the Tax Act is a one-time tax imposed on the accumulated earnings held in foreign subsidiaries of US companies."Source
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Quote #1
"The Tax Act eliminates the ability to qualify for tax-free exchange treatment under Code section 1031 if the property being exchanged is personal property."Source
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Quote #2
"Therefore, in 2018, an individual has approximately an $11.2 million exemption, and a married couple has approximately $22.4 million of available shelter from federal gift and estate taxation."Source
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Quote #3
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