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Non-Cattle Specific Topics
Every Thing Else Board
Estate Taxes
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<blockquote data-quote="norriscathy" data-source="post: 178789" data-attributes="member: 2961"><p>Don't think so Cracker! You'd better get someone to check it out very, very closely! Two problems: 1) there is an unlimited martial deduction and no tax on items left to a spouse; however, when the spouse dies her heirs will have to pay estate taxes on her estate. 2)the rules you're citing on corporate liquidations is very old law. When a corportion now distributes assets it must pay taxes on the gain resulting from the difference in the tax basis anf the fair market value of the assets. The tax laws are constantly changing (every week actually) and any estate plan more than a year or so old is worthless.</p></blockquote><p></p>
[QUOTE="norriscathy, post: 178789, member: 2961"] Don't think so Cracker! You'd better get someone to check it out very, very closely! Two problems: 1) there is an unlimited martial deduction and no tax on items left to a spouse; however, when the spouse dies her heirs will have to pay estate taxes on her estate. 2)the rules you're citing on corporate liquidations is very old law. When a corportion now distributes assets it must pay taxes on the gain resulting from the difference in the tax basis anf the fair market value of the assets. The tax laws are constantly changing (every week actually) and any estate plan more than a year or so old is worthless. [/QUOTE]
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