Description

Internal Revenue Code (IRC) Section 1202 provides a meaningful exclusion for the gains from the sale of qualified small business stock (QSBS). Guest Rick Klahsen returns to the podcast with host Damien Martin to revisit how the enactment of the Tax Cuts and Jobs Act (TCJA) impacted this powerful opportunity and explore what proposed changes might mean for its future. Here’s what they cover:

• How to describe IRC §1202 at a cocktail party [02:39]
• Challenges to overcome and hoops to jump through [03:40]
• Protecting your QSBS [06:11]
• Planning ideas and opportunities [07:43]
• What is IRC §1045 and why is it seemingly ignored? [13:48]
• QSBS after TCJA [17:27]
• Is IRC §1202 at risk? [19:35]
• Key considerations to position yourself for IRC §1202 [21:57]
• A surprising aspect of IRC §1202 [24:05]
• Keep an open mind when investing and planning for QSBS [25:27]

Learn more about Rick and get the additional resources mentioned in the episode here. 

Have questions on the possibility of significant tax change with discussions on President Joseph Biden Jr.’s “Build Back Better” agenda heating up in Washington, D.C.? Get answers live along with thought-provoking insights and strategies amid uncertainty with Simply Tax® Talks, a new weekly live stream discussion starting Tuesday, October 26 @ 10 am CST. Join us here.

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