Ropes & Gray tax & benefits partner Loretta Richard spoke with CNNMoney in a Jan. 10 article discussing Rex Tillerson, President-elect Donald Trump’s nominee for secretary of state, and the tax implications of Mr. Tillerson’s sale of Exxon Mobil shares. Mr. Tillerson has publicly promised to avoid conflicts of interest, including cutting all ties with Exxon Mobil, where he has worked for 40 years, most recently as CEO. CNNMoney reported that in selling his Exxon stock, worth more than $230 million, Mr. Tillerson will likely take advantage of the ability to spread his tax payments over a period of ten years. Ms. Richard explained that Mr. Tillerson will be able to do this because “Exxon attached. . .a non-compete provision to the trust.”
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