Would you buy a new car if the only vehicle on the market was a BMW? How often would you go out to eat if the only menu item available was filet mignon? Thankfully, when it comes to what we drive and where we eat, we have options that fit our needs and our budgets. [...]
When drawing up a buyout clause it is critical to specify, in no uncertain terms, the value to be applied to an owner’s share. The case of the Estate of Cohen v. Booth Computers, July 13, 2011, is a good illustration of what can happen when the terms of a buy-sell agreement are not updated [...]
The Kiplinger Tax Letter, 1729 H St. NW, Washington, DC 20006-3938 KiplingerTax.com Vol. 85, No. 14, has noted that the Internal Revenue Service has started sanctioning appraisers for violating the tax rules on aiding and abetting understatements of taxes. Appraisers who overvalue assets for charitable contributions or understate the value of assets for estate tax [...]
IRS regulations require us to advise you that, unless otherwise specifically noted, any federal tax advice in this communication (including any attachments, enclosures, or other accompanying materials) was not intended or written to be used, by any taxpayer for the purpose of avoiding tax-related penalties imposed under the U.S. Internal Revenue Code or any other applicable state or local tax law provision; furthermore, this communication was not intended or written to support the promoting, marketing or recommending of any of the transactions or matters it addresses.
