A subtle but highly controversial provision of the Senate's version of the tax reform bill that would increase the capital gains exposure for millions of retirees has been pulled from the reconciled tax bill, according to a source speaking on background.
The so-called first-in-first-out or FIFO provision would have required owners of individual stocks to sell the longest held shares before more recently acquired shares.
Under existing law, retirees and other investors have the option of selling more recently acquired shares first.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
