Capital gains taxes can be painful for everyone, but particularly painful for high-bracket clients.

They might owe the increased 20% tax on long-term gains, the 3.8% surtax on net investment income and various stealth taxes. But Toby Johnston, a CFP and CPA who is a partner with the Private Client Services practice at Moss Adams, a Seattle-based accounting and consulting firm, mentions an “often overlooked” opportunity in Section 1202 of the tax code.

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