A provision in Senate legislation that had investment advisors up in arms because it would reduce the value of inherited IRAs has been removed.
Industry officials said an amendment introduced to S. 1813, the Highway Investment, Job Creation and Economic Growth Act, by Sen. Harry Reid, D-Nev., Senate majority leader, last Thursday, effectively killed the provision without the need for floor action.
As drafted, except for certain people, the provision would have forced inherited IRAs to be taxed over five years rather than the current lifetime of the beneficiary, as called for under current law.
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