Section 1202’s qualified small business stock (QSBS) rules offer powerful federal exclusions, but they also come with eligibility tests and new opportunities after the One Big Beautiful Bill Act (OBBBA). This session walks through the core QSBS framework and the new tiered exclusions, higher per-issuer cap, larger gross-asset limitations and transition rules introduced under OBBBA. Additionally, we will discuss the available planning options to ensure that clients benefit from the exclusion.