Tysons partner Ron Aucutt, co-chair of McGuireWoods’ Private Wealth Services Industry Group, commented in an April 10 Bloomberg BNA Daily Tax Report article on the implications of a potential gift tax repeal.
Aucutt, who testified on estate tax regulations at a Dec. 1 Internal Revenue Service hearing, noted in the article that the gift tax remains intact in both House and Senate 2017 estate tax repeal bills.
“My guess is that there are some people who want to keep the gift tax because if the estate tax ever comes back, they don’t want people to have made such large transfers in the absence of a gift tax that there are no more large estates to tax,” Aucutt said.