Subject: Re: China fires across the bow
With all due respect to Jim, when it comes to taxes, size does matter

Absolutely.

I would only caution against forgetting the distinction between the penalty of switching horses being (a) the tax, versus (b) the time value of the tax. Presumably if you sell in future, you'll eventually pay it.

The US loophole for step up value at death is, one hopes, a loophole that will be closed one day, so a reasonable person might want to plan on it.

Jim