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Cattlemen confident on death tax repeal

Photo courtesy of the National Cattlemen's Beef Association (NCBA)

AUDIO: Colin Woodall, National Cattlemen’s Beef Association

Congress is on recess this week due to the Thanksgiving holiday. The Senate still must vote on their version of tax reform.

Colin Woodall is vice president of government affairs at the National Cattlemen’s Beef Association.

“We’re excited (congress) finally has the opportunity to (work on) tax reform. It is the first time in 31 years since we had this opportunity. The movement on death tax has been good and we feel (congress) will repeal it.”

The NCBA has been working for the last several years to get the death tax repealed. The only caveat is that stepped-up basis would be affected if the death tax is repealed.

It is the readjustment of the value of an appreciated asset for tax purposes upon inheritance, determined to be the higher market value of the asset at the time of inheritance. When an asset is passed on to a beneficiary, its value is typically more than what it was when the original owner acquired it.

Woodall says he is also excited about the group’s upcoming conference in Phoenix.

“It’s always a great opportunity to bring producers together from across the country. They (can) network and help set policy. We also have comedian Bill Engvall coming.”

The conference takes place January 31 through February 2 in Phoenix, AZ.