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<p style="margin-top: 0px; margin-bottom: 0px;">David, </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br>
</p>
<p style="margin-top: 0px; margin-bottom: 0px;">This is a good summary as previous summaries I've seen have failed to note the impact that The Alternative Minimum Tax might have on high income earners. A lot of Nassau and Suffolk County residents are racing
to pre-pay their first half 2018 property taxes but the AMT may make that a moot point apparently. They may actually not benefit as much as they calculated. Bottom line is a consult with your own CPA would be a good tactical choice at this point !</p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br>
</p>
<p style="margin-top: 0px; margin-bottom: 0px;">Yours for "LIFE",</p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br>
</p>
<p style="margin-top: 0px; margin-bottom: 0px;">Steven</p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br>
</p>
<p style="margin-top: 0px; margin-bottom: 0px;">Excerpted from your piece:</p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br>
</p>
<p style="margin-top: 0px; margin-bottom: 0px;"></p>
<div style="margin: 0px;"><font face="Calibri,sans-serif" size="2"><span style="font-size: 11pt;"><i><u>Limitation on Deduction of State and Local Income Taxes (or Sales Tax) and Real Property Taxes that are not effectively connected to a trade or business.</u></i></span></font></div>
<div style="margin: 0px;"><font face="Calibri,sans-serif" size="2"><span style="font-size: 11pt;"> </span></font></div>
<div style="margin: 0px;"><font face="Calibri,sans-serif" size="2"><span style="font-size: 11pt;">Beginning January 1, 2018, taxpayers may only claim an itemized deduction for the lesser of (a) the combined amount paid for (i) State and Local Income (or Sales
Tax if the amount of Sales Tax paid exceeds the amount of State and Local Income Taxes Paid) and (ii) Real Property Taxes or (b) $10,000 ($5,000 if the taxpayer is married but files a separate income tax return.)
</span></font></div>
<div style="margin: 0px;"><font face="Calibri,sans-serif" size="2"><span style="font-size: 11pt;"> </span></font></div>
<div style="margin: 0px;"><font face="Calibri,sans-serif" size="2"><span style="font-size: 11pt;">
<i>Recommendation</i>: Taxpayers should consider paying the balance of their 2017 State and Local Income Tax liability, including estimated tax payments normally due in January, before December 31, 2017, rather than paying them in 2018 as they may be accustomed
to doing. The Conference Committee Report that accompanied the Bill makes it very clear the taxpayers will not be permitted to deduct prepayments of their 2018 State and Local Income Tax liability that are paid in 2017. Taxpayers should also consider paying
their Real Property Taxes that would otherwise be due in 2018 in 2017. However, caution should be taken before doing so since the IRS has taken the position that in order for Real Property Taxes to be deductible they need to have been assessed. The burden
of assessing Real Property Taxes usually falls on the taxpayer’s local municipality. To counter this position, in New York, Governor Cuomo signed an Executive Order permitting local governments to immediately issue tax warrants (in New York tax warrants are
the “assessment” of Real Property Taxes) permitting the collection of real property taxes before the end of 2017. The Executive Order also suspends local tax laws through the end of 2017 which otherwise would have prevented taxpayers from making partial payments
of real estate taxes.</span></font></div>
<div style="margin: 0px;"><font face="Calibri,sans-serif" size="2"><span style="font-size: 11pt;"> </span></font></div>
<div style="margin: 0px;"><font face="Calibri,sans-serif" size="2"><span style="font-size: 11pt;">
<i>Cautionary Note</i>: Whether pre-paying State and Local Income or Real Property Taxes will result in an actual savings will depend in large part on whether a taxpayer is subject to the Alternative Minimum Tax in 2017.</span></font></div>
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</p>
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</p>
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<div dir="LTR"><strong>Steven D. Lichtenstein CLU, ChFC</strong></div>
<div><strong>Senio Vice-President, Investments</strong></div>
<div><strong><font color="#274e13"><span style="color: rgb(0, 111, 201);">2017 "Kings of Long Island" honoree</span></font></strong></div>
<div><strong><font color="#274e13"><span style="color: rgb(0, 111, 201);"><span style="color: rgb(114, 50, 173);">2017 "Diamond" Leader </span></span></font></strong></div>
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<strong><em><font face="Verdana" size="2"><font face="Verdana" size="2">"Sp</font></font><font face="Verdana" size="2"><font face="Verdana" size="2">ecializing in Plans, Hopes & Dreams"</font></font></em></strong><font face="Verdana" size="2"><font face="Verdana" size="2"></font></font></div>
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<div dir="LTR"><font color="#4ba524"><b>Forest Hills Financial Group</b></font></div>
<div dir="LTR"><font color="#4ba524"><b>200 Broadhollow Road, Suite 405 </b></font>
<div><font><font color="#4ba524"><b>Melville, NY 11747</b></font></font></div>
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<div style="color: rgb(0, 0, 0);" dir="LTR">phone: (631) 589-5400<br>
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<div dir="LTR">direct: 718 475-5331 </div>
</strong>
<div style="color: rgb(0, 0, 0);" dir="LTR">eFAX: 718 475-5365</div>
<div style="color: rgb(0, 0, 0);" dir="LTR">e: <a id="LPNoLP" href="mailto:steven_lichtenstein@fhfg.com" target="_blank">steven_lichtenstein@fhfg.com</a></div>
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<span style="font-family: Verdana; font-size: x-small;">Steven D. Lichtenstein is an Investment Advisor and Registered Representative of Park Avenue Securities LLC (PAS). Securities products/services and advisory services are offered by PAS, 200 Broadhollow
Rd., Suite 405, Melville, N.Y. (631) 589-5400, a Registered Investment Advisor and broker-dealer. Forest Hills Financial Group Inc. is not an affiliate or subsidiary of PAS. PAS is a member of FINRA, SIPC. Steven D. Lichtenstein is a Field Representative of
The Guardian Life Insurance Company of America, </span><span class="contextualExtensionHighlight ms-font-color-themePrimary ms-border-color-themePrimary" style="font-family: Verdana; font-size: x-small;">New York, N.Y. 10004</span><span style="font-family: Verdana; font-size: x-small;">.</span><br>
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<div>Steven D. Lichtenstein is an authorized user of The Living Balance Sheet, an electronic wealth organizational platform that provides a wide-angle view of your financial world and enables him to stress test your current financial approach. Gain insight
and clarity on your complete financial picture, which when coupled with his professional experience and credentials, may provide you with the ability to make well-informed personal and business decisions and to take appropriate actions to achieve your desired
results.</div>
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<span style="color: rgb(33, 33, 33); font-family: "Times New Roman",serif;">Click here to learn why we need financial balance : </span><u style="font-family: "Times New Roman",serif;"><a id="LPNoLP" href="http://www.thelivingbalancesheet.com/financialbalance" target="_blank">http://www.thelivingbalancesheet.com/financialbalance</a></u><br>
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<div>Full Replacement Value video: <font color="#1f497d" face="Calibri,sans-serif" size="2"><span style="font-size: 11pt;"> </span></font><a id="LPNoLP" style="font-family: "Times New Roman",serif; font-size: 16px;" href="http://tinyurl.com/Full-Replacement-Value" target="_blank"><font face="Verdana,sans-serif" size="2"><span style="font-size: 9.5pt;"><b>http://tinyurl.com/Full-Replacement-Value</b></span></font></a></div>
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<div id="divRplyFwdMsg" dir="ltr"><font color="#000000" face="Calibri, sans-serif" style="font-size: 11pt;"><b>From:</b> David N. Milner <DNM@gdblaw.com><br>
<b>Sent:</b> Wednesday, December 27, 2017 5:48 PM<br>
<b>To:</b> 'fredslist@gothamnetworking.com'<br>
<b>Cc:</b> corey@coreybearak.com<br>
<b>Subject:</b> [Fredslist] Tax Reform 2017</font>
<div> </div>
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<p class="x_MsoNormal"><span style="font-family: "Arial",sans-serif; font-size: 12pt;">Earlier this week my firm and I provided the following information to our clients. I thought I would share it with the tribe. Best wishes to all for a Healthy, Happy and
Peaceful New Year.</span></p>
<p class="x_MsoNormal"><span style="font-family: "Arial",sans-serif; font-size: 12pt;"> </span></p>
<p class="x_MsoNormal"><span style="color: rgb(47, 84, 150); font-family: "Tahoma",sans-serif; font-size: 10pt;">David N. Milner, Esq.</span></p>
<p class="x_MsoNormal"><span style="color: rgb(47, 84, 150); font-family: "Tahoma",sans-serif; font-size: 10pt;">Partner</span></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><img width="167" height="65" tabindex="0" id="x_Picture_x0020_7" alt="cid:image004.png@01D2497F.97CFADD0" unselectable="on" naturalwidth="167" naturalheight="65" src="cid:image001.png@01D37F3A.DA4DD140"><span style="color: rgb(31, 73, 125); font-family: "Arial",sans-serif;"></span></p>
<p class="x_MsoNormal"><span style="color: rgb(47, 84, 150); font-family: "Tahoma",sans-serif; font-size: 10pt;">845 Third Avenue, 5<sup>th</sup> Floor</span></p>
<p class="x_MsoNormal"><span style="color: rgb(47, 84, 150); font-family: "Tahoma",sans-serif; font-size: 10pt;">New York, NY 10022-6601</span></p>
<p class="x_MsoNormal"><span style="color: rgb(47, 84, 150); font-family: "Tahoma",sans-serif; font-size: 10pt;">T: 212-935-3131 F: 212-935-4514</span></p>
<p class="x_MsoNormal"><u><span style="color: blue; font-family: "Tahoma",sans-serif; font-size: 10pt;"><a href="mailto:dnm@gdblaw.com"><span style="color: blue;">dnm@gdblaw.com</span></a></span></u><span style="color: rgb(31, 73, 125); font-family: "Tahoma",sans-serif; font-size: 10pt;"></span></p>
<p class="x_MsoNormal"><span style="color: rgb(31, 73, 125); font-family: "Tahoma",sans-serif; font-size: 10pt;"><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.gdblaw.com_&d=DwMF-g&c=tgH_BtXR-501zcdE8-dvRgEg8aWmdQ-cSUXqw1qnbGU&r=O4cCVAw2yHT5anzpAWPyJ-BtA4lJEoM5UkRLlzZGbDc&m=aRmzaBq0e-5bSaP2CBa-L6-JU7WJYjGdemGoccYwhIs&s=ZE92jmQjgNnds2J_H3bBbulUELiF9azgrHYkoOvKoYY&e="><span style="color: blue;">www.gdblaw.com</span></a></span></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><b>Tax Reform 2017 </b></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal">On December 22, 2017, the President signed The Tax Cuts and Jobs Act (the “Bill”) into law. While the effective date of most of the provisions of the Bill is not until January 1, 2018, individual taxpayers are advised to immediately
review their 2017 tax situation and consider the following in order to see if there are steps they may want to take in order to reduce their income tax liability for 2017.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>Limitation on Deduction of State and Local Income Taxes (or Sales Tax) and Real Property Taxes that are not effectively connected to a trade or business.</u></i></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal">Beginning January 1, 2018, taxpayers may only claim an itemized deduction for the lesser of (a) the combined amount paid for (i) State and Local Income (or Sales Tax if the amount of Sales Tax paid exceeds the amount of State and Local
Income Taxes Paid) and (ii) Real Property Taxes or (b) $10,000 ($5,000 if the taxpayer is married but files a separate income tax return.)
</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"> <i>Recommendation</i>: Taxpayers should consider paying the balance of their 2017 State and Local Income Tax liability, including estimated tax payments normally due in January, before December 31, 2017, rather than paying
them in 2018 as they may be accustomed to doing. The Conference Committee Report that accompanied the Bill makes it very clear the taxpayers will not be permitted to deduct prepayments of their 2018 State and Local Income Tax liability that are paid in 2017.
Taxpayers should also consider paying their Real Property Taxes that would otherwise be due in 2018 in 2017. However, caution should be taken before doing so since the IRS has taken the position that in order for Real Property Taxes to be deductible they
need to have been assessed. The burden of assessing Real Property Taxes usually falls on the taxpayer’s local municipality. To counter this position, in New York, Governor Cuomo signed an Executive Order permitting local governments to immediately issue
tax warrants (in New York tax warrants are the “assessment” of Real Property Taxes) permitting the collection of real property taxes before the end of 2017. The Executive Order also suspends local tax laws through the end of 2017 which otherwise would have
prevented taxpayers from making partial payments of real estate taxes.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"> <i>Cautionary Note</i>: Whether pre-paying State and Local Income or Real Property Taxes will result in an actual savings will depend in large part on whether a taxpayer is subject to the Alternative Minimum Tax in 2017.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>Inability to Deduct Most Miscellaneous Deductions, Increase in Standard Deduction, Elimination of Personal Exemptions.</u></i></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal">Beginning January 1, 2018, individual taxpayers will no longer be able to claim an itemized deduction for work related expenditures, tax preparation fees, investment advisory fees and most other miscellaneous deductions that they had
been able to deduct if those expenses exceeded 2% of their adjusted gross income (“AGI”). In addition, beginning January 1, 2018, the deduction for personal exemptions has been eliminated. However, beginning January 1, 2018, the standard deduction has been
increased from $6,500 for a single taxpayer, to $12,000, and from $13,000 for a married couple to $24,000.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"> <i>Recommendation:</i> Taxpayers should consider prepaying their miscellaneous deductions in 2017 to the extent these expenses are known.
</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"> <i>Cautionary Note</i>: Again the interplay of the Alternative Minimum Tax may reduce or eliminate any actual tax savings.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"> <i>Recommendation:</i> Those Taxpayer’s who feel the increased Standard Deduction will be applicable to them 2018 should give consideration to making charitable contributions in 2017 that they might ordinarily not make
until 2018 in order to benefit from the deduction. Beginning in 2018 charitable deductions will be deductible to the extent of 60% of a taxpayer’s AGI. Currently the limitation is 50% of AGI.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>Limitations on Deductibility of Mortgage Interest</u></i><u>.</u></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal">Beginning January 1, 2018, interest on a Home Equity Line of Credit (“HELOC”) will no longer be deductible. Interest on residential mortgages will be deductible only to the extent of the interest paid on the first $750,000 of indebtedness.
Existing mortgages, those entered into prior to December 16, 2017, or those entered into after December 15, 2017 in connection with the purchase of a home pursuant to a contract that was entered into prior to December 16, 2017, are grandfathered. The refinance
of a grandfathered mortgage will generally remain grandfathered provided the term/amount do not exceed the grandfathered mortgage’s term/amount.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"> <i>Recommendation:</i> Those taxpayers who have a HELOC should give consideration to converting their HELOC to a permanent mortgage, perhaps in conjunction with a refinance of their existing mortgage, as soon as practical.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>Other Changes Not Requiring Immediate Action:</u></i></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>Change in tax brackets and rates</u></i><u>. </u></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal">Beginning January 1, 2018, the top marginal tax rate for tax returns filed by married couples will be 37% on taxable income in excess of $600,000 ($500,000 for single taxpayers). Previously, the top marginal rate was 39.6% on taxable
income in excess of $480,050 ($426,700 for single taxpayers). </p>
<span style="font-family: "Calibri",sans-serif; font-size: 11pt;"><br clear="all" style="page-break-before: always;">
</span>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>Alternative Minimum Tax (“AMT”).</u></i></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal">The Bill increases the exemption from the current $86,200 for married taxpayers filing a joint return to $109,400, and from $55,400, for single taxpayers to $70,300. The exemption begins to phase out for married taxpayers at $1,000,000
and at $500,000 for single taxpayers. Previously, these amounts were $164,100 and $123,100, respectively. It is anticipated that these changes, coupled with the elimination of many of the deductions that often triggered the imposition of the AMT, will lessen
the impact of the AMT on many Americans.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>Like-Kind Exchanges.</u></i></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal">Beginning January 1, 2018, like-kind exchanges (“§1031 exchanges”) will be limited to real property exchanges.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>Section 529 Plans.</u></i></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal">Beginning January 1, 2018, withdrawals of up to $10,000 per year from a Section 529 Plan can be used to pay for tuition at an elementary or secondary public, private or religious school.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>Child Care Credit.</u></i></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal">Beginning January 1, 2018, the credit increases from $1,000 per qualified child to $2,000 with up to $1,400 being refundable if the amount of the credit exceeds the taxpayer’s tax liability. The phase-out, which had begun at $200,000
for a married couple, and $75,000 for a single taxpayer, has been increased to $400,000 and $110,000, respectively.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>Gift, Estate and Generation Skipping Tax Exemptions.</u></i></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal">Beginning January 1, 2018, these exemptions will be $11,200,000, per U.S. domiciliary.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"> <i>Recommendation.</i> Taxpayers who may have been considering making large gifts for estate planning purposes in 2017 which may have exceeded the current exemption ($5,490,000) should consider delaying these gifts until
after December 31, 2017.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"> <i>Cautionary Note.</i> As with many provisions of the Bill, these changes will “sunset” (i.e., they will end) after 2025 and will revert back to current law.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>Alimony.</u></i></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal">Effective for agreements entered into after 2018 – alimony is no longer deductible by the payor nor treated as income by the recipient.</p>
<span style="font-family: "Calibri",sans-serif; font-size: 11pt;"><br clear="all" style="page-break-before: always;">
</span>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>Carry Forward of Net-Operating Loss Deductions.</u></i></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal">Beginning January 1, 2018, net operating losses carried forward from a prior year cannot be used to offset more than $500,000 of non-business income on joint returns, $250,000 for other taxpayers.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>20% Deduction on Certain Pass-Through Income.</u></i></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal">Taxpayer’s receiving income from a pass-through entity (i.e., a sole proprietorship, partnership, limited liability company or Sub-S corporation) will receive a deduction equal to 20% of the income they receive. This will have the effect
of reducing the marginal income tax rate on this income by 20%. The determination of the amount of the actual deduction will be depend upon a several computations which take W-2 wages paid and assets into account. In addition the amount of the available
deduction will be phased out if the taxpayer’s taxable income exceeds certain threshold amounts. For those taxpayers filing joint income tax returns, the phase-out begins at $315,000 and the deduction is eliminated if taxable income exceeds $415,000. For
all other taxpayers the phase-out begins at $157,500 and the deduction is eliminated if taxable income exceeds $207,500.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><i><u>Corporate and Non Corporate Business Changes</u></i>:</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoListParagraph" style="text-indent: -0.25in;"><span style="font-family: Symbol;"><span>·<span style="font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;">
</span></span></span>Institution of a flat 21% corporate tax which replaces the current tiered rate structure where rates ranged from 15% to 39%.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoListParagraph" style="text-indent: -0.25in;"><span style="font-family: Symbol;"><span>·<span style="font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;">
</span></span></span>Elimination of the corporate Alternative Minimum Tax.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoListParagraph" style="text-indent: -0.25in;"><span style="font-family: Symbol;"><span>·<span style="font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;">
</span></span></span>Reduction of dividend received deductions.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoListParagraph" style="text-indent: -0.25in;"><span style="font-family: Symbol;"><span>·<span style="font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;">
</span></span></span>Limitation of deductibility of interest expense to 30% of AGI, as adjusted.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoListParagraph" style="text-indent: -0.25in;"><span style="font-family: Symbol;"><span>·<span style="font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;">
</span></span></span>Ability to expense 100% of certain newly acquired business property placed in service after September 27, 2017, subject to certain reductions and adjustments.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoListParagraph" style="text-indent: -0.25in;"><span style="font-family: Symbol;"><span>·<span style="font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;">
</span></span></span>Increase of Section 179 deduction to $1,000,000, subject to a phase-out threshold of $2,500,000.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoListParagraph" style="text-indent: -0.25in;"><span style="font-family: Symbol;"><span>·<span style="font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;">
</span></span></span>Carried interest provision requiring assets to be held for 3 years in order to receive capital gain treatment.</p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoListParagraphCxSpFirst" style="text-indent: -0.25in;"><span style="font-family: Symbol;"><span>·<span style="font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;">
</span></span></span>Net operating losses incurred after 2017 will be allowable only to the extent of 80% of taxable income, will not be available for carryback and will no longer be carried forward indefinitely.</p>
<p class="x_MsoListParagraphCxSpLast"> </p>
<p class="x_MsoNormal">In addition to the changes discussed in this Update, there are many other provisions of the Bill which impact those engaged in international commerce as well as provisions impacting targeted taxpayers.
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