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Non-Cattle Specific Topics
Every Thing Else Board
The loss of the family owned farm
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<blockquote data-quote="sstterry" data-source="post: 1679421" data-attributes="member: 28912"><p>Different taxes. One is capital gains (that is the one this proposal is targeting) and the other is Federal Estate tax. And the Federal Estate tax is per person. So, a husband and wife have a total of close to $23m on which they can pass on and still avoid Estate taxes (federal). Estate taxes in each state are different. Tennessee did away with all Estate taxes about 7-8 years ago.</p><p></p><p>I understand their reasoning, you have a lot of billionaires that simply pass stocks to their kids and the kids get the step-up benefit when they sell it.</p><p></p><p>Maybe [USER=25371]@NonTypicalCPA[/USER] will chime in, I will defer to him on all tax matters.</p></blockquote><p></p>
[QUOTE="sstterry, post: 1679421, member: 28912"] Different taxes. One is capital gains (that is the one this proposal is targeting) and the other is Federal Estate tax. And the Federal Estate tax is per person. So, a husband and wife have a total of close to $23m on which they can pass on and still avoid Estate taxes (federal). Estate taxes in each state are different. Tennessee did away with all Estate taxes about 7-8 years ago. I understand their reasoning, you have a lot of billionaires that simply pass stocks to their kids and the kids get the step-up benefit when they sell it. Maybe [USER=25371]@NonTypicalCPA[/USER] will chime in, I will defer to him on all tax matters. [/QUOTE]
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The loss of the family owned farm
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