Should You Follow The Clintons And Do Your QPRT Sooner Rather Than Later?
The uproar over the Clintons doing a QPRT is a little silly. It is really a pretty plain vanilla technique. Their situation probably gives them the opportunity to do much more exciting things that probably do not leave as much of a public trail. Bill has been involved with private equity firms, which probably provide him with much greater opportunities to leverage his unified credit. I wonder if they did the QPRT to seem more like just plain folks.
City Taxes Trip Up Investment Advisor Restructuring
So the owner employees instead of getting a flow through from an S corporation were now getting a flow through from a partnership. Six of one, half a dozen of the other? Maybe for federal and state income tax, but not for the New York City Unincorporated Business Tax, which at 4% is nothing to sneeze at.
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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.