Tag Archive: "Estate Tax"
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Tax Reform and Estate Tax – Examples
The Senate appears to not want to eliminate the estate tax, but they are proposing the lifetime exemption amount with perhaps an offset to the basis step-up. We go over a couple of examples.
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What Does Unified Credit Mean?
We have gotten a few questions lately on how the lifetime gift and estate tax exclusion are tied together. In brief, transfers made during your lifetime are called gifts and reported on a gift tax return while transfers made at death are also a “gift”, but reported on an estate tax return. The gifts made during […]
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Senator Baucus Urges Extension of Current Estate Tax Laws
The current lifetime estate exemption is $5.12 million (indexed with inflation). This lifetime exemption is scheduled to be reduced to $1 million with a top rate of 55% on January 1, 2013. President Obama has proposed to reduce the exemption to $3.5 million with a top rate of 45%. Senate Finance Committee Chairman Max Baucus […]
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Where’s My Step Up
Some of my readers may have noticed that I have started writing a blog on the Agweb.com site. From my web traffic, I can see that many of those readers have checked out this site. I am honored to be doing the blog, but with three weeks left in tax season, I am hoping that […]
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Some Steps to a Farm Transition
Having just recently returned from my taping for the Legacy Project on farm succession planning, I will be trying to do several posts over the next few weeks on this very important subject. Elizabeth Williams from the DTN/Progressive Farmer had a very good post on the five steps needed for the farm transition. The article […]
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When no Estate Tax is a Bad Thing – Part Two
I received two excellent comments on my post from Monday of this week regarding the cost to some farm families of not having an estate tax for this year. The comments had additional information which is all applicable for this year. The main intent of my post was to let farm families know that without […]
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When No Estate Tax is a Bad Thing
Most farmers are assuming that since there is no estate tax for 2010, that this must be a good thing for all taxpayers. The reality is that many farmers may end up paying more in taxes than under the law in effect for 2009. This is due to the fact that carryover basis will no […]