Susan Seabrook, Shareholder in Buchanan's Tax section, discusses Congress' potential shift toward full expensing tax reform in Tax Notes' article "Advocates Aim to Preserve Like-Kind Exchange in Tax Reform."
Susan E. Seabrook of Buchanan Ingersoll & Rooney PC said that practitioners who work with financial institutions and insurance companies assume that Congress will look to the Camp draft in search of revenue. Insurance companies are not only focused on the general revenue raisers, such as like-kind exchanges, but also on the provisions specifically targeting the insurance industry, she said. Because Camp did much of the ground work, practitioners believe that Congress, rather than reinvent the wheel, might pull some provisions off the shelf.
Given that the administration’s tax plan is premised on economic growth spurred by tax reductions, Seabrook warned that simply dropping one or more of the Camp revenue raisers into the tax reform plan could have unintended consequences for some sectors of the economy.