Comment Re:Give it away and it is not yours (Score 1) 300
Income should be taxed. But why as an exit from an estate? Either its a W2 (or 1099 or some such IRS monster) or its not income. I wasn't saying income isn't taxed. But this is posting about estate tax. Yes tax income, even inherited money. That should have nothing to do with my bequeathment. If I leave my plumbing business to my son, its unrealized gain. When he takes a salary or disbursement (or sells the business), then its income and should be taxed.
Seems there are two camps on here.
1. Anti IRS gobbling machine (my camp)
2. Anti 1%, even if it might help some 80%. Fuck the 1%
Not that I am in the habit of advocating for the mega rich, but a $5M business is not that mighty big. A business of that size isn't paying out Ferrari's to a anyone's kid. That is not the same as $5M cash. Yet the business will have to be sold off to pay for an estate tax. Assuming you can find a buyer. Anyone selling a house the last 5 years should know just cause it appraised a certain amount, doesn't translate to having a buyer for it at that price.
Seems there are two camps on here.
1. Anti IRS gobbling machine (my camp)
2. Anti 1%, even if it might help some 80%. Fuck the 1%
Not that I am in the habit of advocating for the mega rich, but a $5M business is not that mighty big. A business of that size isn't paying out Ferrari's to a anyone's kid. That is not the same as $5M cash. Yet the business will have to be sold off to pay for an estate tax. Assuming you can find a buyer. Anyone selling a house the last 5 years should know just cause it appraised a certain amount, doesn't translate to having a buyer for it at that price.