Following intense last-minute negotiations, on December 2, 2017, the US Senate voted 51-49 to pass its amended tax reform bill, which would represent a sweeping overhaul of the US Tax Code. In this Legal Update, we discuss the bill’s implications for (i) business generally, (ii) international taxation, (iii) financial institutions, (iv) compensation taxation, (v) individuals, (vi) partnerships, (vii) real estate, (viii) tax-exempt organizations, (ix) insurance and (x) the life settlement industry.
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