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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: 179858" data-attributes="member: 2961"><p>Absolutely correct Lakading. Sounds like this was set up some time ago and should be checked out/updated as soon as possible. Depending on what the underlying assets are the kids could be getting hit with a large income tax bill. Cracker, under old law you could liquidate a corporation and pay no income tax; that is no longer the case, could be getting stuck with a hugh income tax bill to come when the stock is sold/liquidated .If the stock is left in the mothers name the kids will get a step up in basis at her death and pay no income tax. If this plan hasn't been looked at in several years you would be doing everybody a favor to get someone to review it.</p></blockquote><p></p>
[QUOTE="norriscathy, post: 179858, member: 2961"] Absolutely correct Lakading. Sounds like this was set up some time ago and should be checked out/updated as soon as possible. Depending on what the underlying assets are the kids could be getting hit with a large income tax bill. Cracker, under old law you could liquidate a corporation and pay no income tax; that is no longer the case, could be getting stuck with a hugh income tax bill to come when the stock is sold/liquidated .If the stock is left in the mothers name the kids will get a step up in basis at her death and pay no income tax. If this plan hasn't been looked at in several years you would be doing everybody a favor to get someone to review it. [/QUOTE]
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