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There are a at least dozen ways to reduce, defer or eliminate capital gains. Most people only know about 1031 exchanges and charitable remainder trust—learn about the rest.
Become familiar with the breadth and depth of alternatives to paying the tax. For some clients the best decision is to pay the tax. But most clients will really appreciate the time you spend helping them to understand the many ways to reduce, defer or eliminate a capital gains tax. Planning in advance is, of course, best. But even taking action after the gain has occurred is possible and profitable.
Review the $5,000,000 per person installment sale limit of IRC Section 453A.
Review the 40% economic substance doctrine penalty of IRC Section 7701(o) and 6662(b)(6).
There are no prerequisites other than understanding the tax rates that apply to capital gains: 20% federal; 3.8% net investment income tax if you do not materially participate, e.g.,. the sale of "C" corporation stock or your residence; and 13.3% state of California.
CPAs and financial professionals interested in helping their clients reduce, defer or eliminate capital gains taxes which at 33.3% or 37.1% are larger than most clients recognize.
Bruce Givner is a graduate of UCLA, with a juris doctor degree from Columbia University Law School and a master of laws in taxation from NYU. He is author or co-author of seven chapters in books by the State Bar of California, and of over 100 articles in professional journals. Givner has been quoted by the U.S. Tax Court, the California Court of Appeals, the Wall Street Journal and the New York Times. He was the winning lawyer in a Tax Court case involving unreasonable compensation, and served as an adjunct professor at the Golden Gate University and University of San Diego tax law programs. Givner has been a speaker at the USC Tax Institute, the California State Bar Association annual meeting, and over 100 other professional organizations. He is rated AV Preeminent 5.0 out of 5 Peer Reviews Rated by Martindale-Hubbell for 32 years, and is a Super Lawyer.