Not exactly. Estate tax is different than income tax and is treated differently. This is the reason alot of farming families loose farms. Say you have a farm worth two million dollars and you die. You pass that on in a will to your son, and the value of the farm and other assets is three million dollars. You have to now pay tax on that 3 million (which is mostly assets, not cash), which may mean selling stuff you were willed just to pay the tax and be allowed to keep the farm.
More: http://www.irs.gov/businesses/small/article/0,,id=108143,00.html This is also one of the reasons places like the Biltmore Vanderbuilt home in North Carolina have recently been forced to open up as a tourist attraction, generation after generation they've had to sell bits of their property just to pay the Estate taxes till there's not too much left. I know many may not care about the Vanderbuilts, but it does effect most Americans on some scale. -Cameron -- Cameron Childress Sumo Consulting Inc http://www.sumoc.com --- cell: 678.637.5072 aim: cameroncf email: [EMAIL PROTECTED] On Thu, 31 Mar 2005 17:55:57 -0500, jerry johnson <[EMAIL PROTECTED]> wrote: > Well, no, you've got the order wrong. > > You are not taxed when you die. > > When you give your money to someone, that is INCOME for them, and they > are taxed. > > Right? > > Jerry Johnson > Web Developer > Dolan Media Company ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Discover CFTicket - The leading ColdFusion Help Desk and Trouble Ticket application http://www.houseoffusion.com/banners/view.cfm?bannerid=48 Message: http://www.houseoffusion.com/lists.cfm/link=i:5:152423 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/5 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
