A subtle but highly controversial provision of the Senate's version of the tax reform bill that would increase the capital gains exposure for millions of retirees has been pulled from the reconciled tax bill, according to a source speaking on background.
The so-called first-in-first-out or FIFO provision would have required owners of individual stocks to sell the longest held shares before more recently acquired shares.
Under existing law, retirees and other investors have the option of selling more recently acquired shares first.
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