S Corp To Partnership Conversion Under Build Back Better
If you and your sibling start a business with capital contributions, run it without debt, and don’t have other owners coming and going, there is a good chance that your individual returns will work out roughly the same whether the partnership or the S corporation form is used. That is until one of you wants to be redeemed or, you know, dies while the other continues on.
Time To Change Your Estate Plan – Again
I sometimes think that the estate and gift tax system is actually a white collar jobs program for college graduates not quite smart enough to become physicians or engineers. It redistributes wealth from the upper class to the upper middle class. Too bad this is going to ruin the holidays for them.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.