Monday, July 28, 2008


CCH reports in Baucus Unveils Enhanced Extenders Package” that “Senate Finance Committee Chairman Max Baucus, D-Mont., on July 24 introduced the Jobs, Energy, Families and Disaster Relief Bill of 2008 (Sen 3335), a revised $123 billion tax extender bill” which “extends tax incentives that expired at the end of 2007 or are set to expire at the end of 2008, such as the research and development tax credit, college tuition deduction and the state and local sales tax deduction”.

The bill also provides for a one-year “fix” for the dreaded Alternative Minimum Tax (AMT) and “creates mandatory basis reporting by brokers for transactions involving publicly traded securities such as stock, debt, commodities, derivatives and other items” – in other words requires brokers to report cost basis information on the Form 1099-B (hurray!!!!).

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