"Lose farms". Loose women. Without using the charged words "income tax" and "estate tax", let's see if I can explain my understanding.
I die. If I want to leave all my money to a charity, there is no tax. If I want to leave all my money to my son, there is a tax. The difference is that my son is receiving the pile-o-cash and is therefore taxed. I don't necessarily agree with the type, amount, and rule structure of the estate tax, but it does make sense that you can't give unlimited amounts of cash to a person without that person paying taxes on it. You can't do it while you are alive, so why should you do it when you are dead? Jerry Johnson Web Developer Dolan Media Company -----Original Message----- From: Cameron Childress [mailto:[EMAIL PROTECTED] Sent: Thursday, March 31, 2005 6:12 PM To: CF-Community Subject: Re: The Paris Hilton Benefit Act of 2001* 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 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| 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:5:152433 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
