A capital gains tax cut-part of Congress' proposed balanced budget deal-may have a big impact on the way mergers and acquisitions are structured, one analyst says, but he finds few allies among his colleagues.

As Stephen Blum, a partner in KPMG Peat Marwick's corporate finance group, sees it, "the proposed capital gains and estate tax cuts being considered in the current budget negotiations will stimulate certain kinds of mergers and acquisitions and change the way many business deals are made."

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