â€œNew Tax Codes and Stockâ€Â Please respond to the following:
- It is mid-December and you run into a friend during your holiday shopping. He states that he has been successful this year in the stock market but is worried about the constant changes in the tax laws â€“ particularly with the changes that may be new for the following year. What advice would you give someone, such as your friend from this scenario, based solely on the material in the text regarding his options for the sale of the stock. Discuss the potential tax consequences that could result by deferring the sale of stock into a different tax year. Be specific with your recommendations.