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IWETHEY Home / IWETHEY Board / Money, Financials, and Economics Forum / if you look at the link to the tax page
Post #277,011
by boxley
12/30/06 7:38:02 PM
Reply
New if you look at the link to the tax page
I know you are busy, the entity of ownership is drinkard/parr LLC. The only way to avoid estate taxes is a living trust and after the rockefekkers et al got theirs the government changed the rules so you cant escape them.
Estate taxes
[link|http://en.wikipedia.org/wiki/Estate_tax_%28United_States%29#Deductions.2C_the_taxable_estate.2C_and_the_tentative_tax|http://en.wikipedia....the_tentative_tax]
For taxable estates below the next threshold value of $1,250,000 the tax is $345,800 plus 39% of the excess over $1,000,000.
since it appears that the land is most of there assests, they have to cough up 400k to keep the dirt. I dont know if there are other assets. To me that is excessive taxation on the heirs. No one living has to cough up 35% or more of their taxable income but dead people dont vote.
thanx,
bill
Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free american and do not reflect the opinions of any person or company that I have had professional relations with in the past 51 years. meep

reach me at [link|mailto:bill.oxley@cox.net|mailto:bill.oxley@cox.net]
Post #277,013
by bepatient
Picture of bepatient
12/30/06 8:08:32 PM
Reply
New Thats a good nutshell
Its a working family horse farm...income from that probably enough to keep grandma from eating dog food.

BUT...its in a location now where the real estate valuations are just stupid...meaning some developer can buy it at 100k per acre...so its "fair market value" is likely a couple of million.

So...cough up 50% of the over 1.2 mill or sell. Thats the choice. You don't get the choice of valuation...its thrust upon you.

But grandma is supposed to know better and hire tax attorneys from Dean Witter and pay them 100k that she doesn't have to protect her house for her kids. Guess she's just stupid.

And when the developer puts 100 homes there with no "open space"...those that favor estate taxes will switch and bitch about how there are no parks and natural spaces left. Only way to prevent it is to have the people give the land to the government instead of forcing its sale or to have enough cash to establish a deed in trust.

Too much of today's music is fashionable crap dressed as artistry.Adrian Belew
Post #277,018
by drewk
Picture of drewk
12/30/06 8:38:07 PM
Reply
New Or ...
Instead of repealing it, fix it, as I'm pretty sure someone already suggested in this thread and it was ignored.

Maybe raise the limit. At today's prices, $1-million is clearly too low. Is $5-million enough to preserve someone's home? How about $10-million? Pick a number that is "reasonable", double it and index it to inflation.

But some people do grow up in $50-million homes. Shouldn't they get to keep it? Give the property to the heirs while you're alive. Maybe do a homestead exemption like they do for bankruptcy in Florida. But don't tell me that applying an estate tax to billions of dollars in investments has anything to do with an old woman losing her home.
===

Kip Hawley is still an idiot.

===

Purveyor of Doc Hope's [link|http://DocHope.com|fresh-baked dog biscuits and pet treats].
[link|http://DocHope.com|http://DocHope.com]
Post #277,024
by boxley
12/30/06 9:41:26 PM
Reply
New if the taxes have already been paid that billion investment
why should the tax man tax it again because the owner died?
thanx,
bill
Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free american and do not reflect the opinions of any person or company that I have had professional relations with in the past 51 years. meep

reach me at [link|mailto:bill.oxley@cox.net|mailto:bill.oxley@cox.net]
Post #277,026
by drewk
Picture of drewk
12/30/06 10:27:51 PM
Reply
New If it's an investment, they haven't paid capital gains yet
===

Kip Hawley is still an idiot.

===

Purveyor of Doc Hope's [link|http://DocHope.com|fresh-baked dog biscuits and pet treats].
[link|http://DocHope.com|http://DocHope.com]
Post #277,049
by boxley
12/31/06 10:24:50 AM
Reply
New capital gains is much lower than 40%
Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free american and do not reflect the opinions of any person or company that I have had professional relations with in the past 51 years. meep

reach me at [link|mailto:bill.oxley@cox.net|mailto:bill.oxley@cox.net]
Post #277,030
by imric
12/30/06 11:57:16 PM
Reply
New Yah - grandparents sold OUR farm to green acres.
At a signifigantly lower value than developers were offering. It was the only way.
Imric's Tips for Living
  • Paranoia Is a Survival Trait
  • Pessimists are never disappointed - but sometimes, if they are very lucky, they can be pleasantly surprised...
  • Even though everyone is out to get you, it doesn't matter unless you let them win.


Nothing is as simple as it seems in the beginning,
As hopeless as it seems in the middle,
Or as finished as it seems in the end.
 
 
     to you estate tax lovers - (boxley) - (37) - Dec. 29, 2006, 06:18:41 PM EST
         But box, all those stories are untrue - (bepatient) - Dec. 29, 2006, 10:08:49 PM EST
         Condolences. But it looks inevitable to me. - (Another Scott) - Dec. 29, 2006, 11:34:53 PM EST
         That's not estate taxes - (tuberculosis) - (17) - Dec. 30, 2006, 04:33:14 AM EST
             Read. - (bepatient) - (4) - Dec. 30, 2006, 10:12:14 AM EST
                 You can't tell anything from that article. - (tuberculosis) - (3) - Dec. 30, 2006, 12:03:50 PM EST
                     You losing your sight in your old age? - (crazy) - (2) - Dec. 30, 2006, 02:31:23 PM EST
                         selective viewing, only see what fits yer world view -NT - (boxley) - (1) - Dec. 30, 2006, 02:36:41 PM EST
                             I can't honestly figure out the relationships among the - (tuberculosis) - Dec. 30, 2006, 03:39:08 PM EST
             nice try bub but wrong - (boxley) - Dec. 30, 2006, 11:18:38 AM EST
             yo, socialist boy gotcher taxes right here - (boxley) - (10) - Dec. 30, 2006, 11:33:53 AM EST
                 So where's the details on estate taxes? Nowhere. - (tuberculosis) - (9) - Dec. 30, 2006, 12:04:52 PM EST
                     estate tax was in the article, you didnt read it? - (boxley) - (8) - Dec. 30, 2006, 02:35:40 PM EST
                         I'm really busy - (tuberculosis) - (7) - Dec. 30, 2006, 03:43:04 PM EST
                             if you look at the link to the tax page - (boxley) - (6) - Dec. 30, 2006, 07:38:02 PM EST
                                 Thats a good nutshell - (bepatient) - (5) - Dec. 30, 2006, 08:08:32 PM EST
                                     Or ... - (drewk) - (3) - Dec. 30, 2006, 08:38:07 PM EST
                                         if the taxes have already been paid that billion investment - (boxley) - (2) - Dec. 30, 2006, 09:41:26 PM EST
                                             If it's an investment, they haven't paid capital gains yet -NT - (drewk) - (1) - Dec. 30, 2006, 10:27:51 PM EST
                                                 capital gains is much lower than 40% -NT - (boxley) - Dec. 31, 2006, 10:24:50 AM EST
                                     Yah - grandparents sold OUR farm to green acres. - (imric) - Dec. 30, 2006, 11:57:16 PM EST
         I assume they've talked to a tax accountant. - (Another Scott) - (15) - Dec. 30, 2006, 10:55:01 PM EST
             Sort of - (bepatient) - (14) - Dec. 31, 2006, 01:33:56 AM EST
                 Thresholds aren't exemptions or loopholes - (tuberculosis) - (13) - Dec. 31, 2006, 12:32:19 PM EST
                     And it will still be bad - (bepatient) - (12) - Dec. 31, 2006, 06:21:19 PM EST
                         What's your proposal? - (Another Scott) - (11) - Dec. 31, 2006, 06:28:20 PM EST
                             Eliminate it. - (bepatient) - (9) - Dec. 31, 2006, 06:48:20 PM EST
                                 Let's just stick with the Estate Tax for now. - (Another Scott) - (2) - Dec. 31, 2006, 07:25:34 PM EST
                                     There's a base assumption in your statement - (bepatient) - (1) - Jan. 1, 2007, 02:41:26 AM EST
                                         Not really. - (Another Scott) - Jan. 1, 2007, 09:27:24 AM EST
                                 Question - (drewk) - (1) - Jan. 1, 2007, 01:32:14 PM EST
                                     problem then is that the rich would feel that - (boxley) - Jan. 1, 2007, 02:06:33 PM EST
                                 The richest guys think we need it. - (tuberculosis) - (2) - Jan. 1, 2007, 06:42:56 PM EST
                                     you mean they dont control over the national agenda now? -NT - (boxley) - (1) - Jan. 1, 2007, 08:06:41 PM EST
                                         Apparently not if they're arguing with Bush over it - (tuberculosis) - Jan. 1, 2007, 09:41:28 PM EST
                                 It's a death by a thousand cuts. - (static) - Jan. 1, 2007, 08:45:16 PM EST
                             no estate taxes beyond counting the goods transfered as - (boxley) - Dec. 31, 2006, 06:52:54 PM EST
         Lovers? Fond of maybe. - (Silverlock) - Jan. 1, 2007, 09:44:04 AM EST

We're not going to play any mature games, are we?
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