https://www.oge.gov/Web/OGE.nsf/Resources/Resolving+Conflicts+of+Interest … For the actual rule, which is predictable snooze-inducing, click Text of Regulation: https://www.oge.gov/Web/OGE.nsf/Resources/5+C.F.R.+Part+2634:+Executive+Branch+Financial+Disclosure,+Qualified+Trusts,+and+Certificates+of+Divestiture … It allows deferring capital gains rather than a permanent step-up in basis, which feels better targeted to the legislative purpose.
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As a tax management strategy one basically always prefers paying taxes later to paying taxes earlier, but the thing this lets a taxpayer do is a one-time tax-deferred polymorph between assets rather than uniquely gaining some durable advantage in tax rates.
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So basically temporarily treating the person going into government like a real estate investor that is able to constantly do this with 1031 exchanges.
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