Estate Taxes

#1
Rasputin_Vol

Rasputin_Vol

"Slava Ukraina"
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#1
Prince’s Estate Owes $32 Million in Taxes as IRS Accuses Executors of Lowballing Worth by 50%

According to documents reviewed by the Star Tribune in Minneapolis on Saturday, The IRS valued Prince’s estate at $163.2 million, roughly 50% more than the $82.3 million valuation submitted by Comerica Bank & Trust, which administrated the estate. The extra $32.4 million roughly doubles the bill that was originally given based on Comerica’s valuation.

Prince, who suffered a fatal fentanyl overdose in April 2016, died without a will, and this latest wrinkle sets up another settlement dispute that involves conflicts over Prince’s music publishing and recording interests.
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Why doesn't the govt just say his estate is worth $500 million? What keeps them from pulling any number they want out of the sky if all they want to do is rob your family of their inheritance and take over your property?
 
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#9
#9
Actually the estate tax was the first national tax. It was promoted by Teddy Roosevelt as a device to break up the concentrated wealth and power of the old robber barons.

As for the poster who says the IRS could just say the estate is worth $500 million, actually no they can't. It's my understanding the Taxpayer Bill of Rights says that if the IRS assesses a tax without proof and the amount is determined to have been incorrect, the taxpayer can recover 20% of the unsubstantiated amount on top of having that assessment thrown out.

Currently the exemption amount is over $11.2 million per taxpayer so a married couple can pass over $22 million without any tax.

For all you guys who don't want any taxes, that's fine as long as you are comfortable with no police, no roads, no schools and no military. Start learning Mandarin.
 
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#11
#11
WBO said:
Actually the estate tax was the first national tax. It was promoted by Teddy Roosevelt as a device to break up the concentrated wealth and power of the old robber barons.

As for the poster who says the IRS could just say the estate is worth $500 million, actually no they can't. It's my understanding the Taxpayer Bill of Rights says that if the IRS assesses a tax without proof and the amount is determined to have been incorrect, the taxpayer can recover 20% of the unsubstantiated amount on top of having that assessment thrown out.

Currently the exemption amount is over $11.2 million per taxpayer so a married couple can pass over $22 million without any tax.

For all you guys who don't want any taxes, that's fine as long as you are comfortable with no police, no roads, no schools and no military. Start learning Mandarin.
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Ignorant comment as it pertains to this subject.
 
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#14
#14
WBO said:
For all you guys who don't want any taxes, that's fine as long as you are comfortable with no police, no roads, no schools and no military. Start learning Mandarin.
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That's a terrible argument when you choose to include things that are constitutionally mandated and things not paid for by fed govt.

I don't think anyone has advocated for zero taxes but there is not currently a revenue problem within govt. They do not need any more money to waste
 
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#15
#15
WBO said:
Actually the estate tax was the first national tax. It was promoted by Teddy Roosevelt as a device to break up the concentrated wealth and power of the old robber barons.

As for the poster who says the IRS could just say the estate is worth $500 million, actually no they can't. It's my understanding the Taxpayer Bill of Rights says that if the IRS assesses a tax without proof and the amount is determined to have been incorrect, the taxpayer can recover 20% of the unsubstantiated amount on top of having that assessment thrown out.

Currently the exemption amount is over $11.2 million per taxpayer so a married couple can pass over $22 million without any tax.

For all you guys who don't want any taxes, that's fine as long as you are comfortable with no police, no roads, no schools and no military. Start learning Mandarin.
Click to expand...

So, it is OK to steal half of what I want to leave my kids as long as it is over this arbitrary threshold?
 
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#16
#16
WBO said:
Actually the estate tax was the first national tax. It was promoted by Teddy Roosevelt as a device to break up the concentrated wealth and power of the old robber barons.

As for the poster who says the IRS could just say the estate is worth $500 million, actually no they can't. It's my understanding the Taxpayer Bill of Rights says that if the IRS assesses a tax without proof and the amount is determined to have been incorrect, the taxpayer can recover 20% of the unsubstantiated amount on top of having that assessment thrown out.

Currently the exemption amount is over $11.2 million per taxpayer so a married couple can pass over $22 million without any tax.

For all you guys who don't want any taxes, that's fine as long as you are comfortable with no police, no roads, no schools and no military. Start learning Mandarin.
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You’re such a blow hard.... everything in one’s estate has already been taxed .... at least once....the property has been taxed repeatedly. You vote democrat.... you learn Mandarin
 
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#17
#17
Carl Pickens said:
You’re such a blow hard.... everything in one’s estate has already been taxed .... at least once....the property has been taxed repeatedly. You vote democrat.... you learn Mandarin
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I have no issues with the estate tax as currently set up. I am of the opinion that we need less internet stars who have done nothing but inherit generational wealth.
 
#18
#18
ClearwaterVol said:
I have no issues with the estate tax as currently set up. I am of the opinion that we need less internet stars who have done nothing but inherit generational wealth.
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Perhaps.... with the limits as they are ... most that are affected are able to make arrangements to minimize the impact
 
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#19
#19
Estate taxes are a wonderful tool for the income redistribution folks. On another forum (a quite liberal one I might add) one person suggested the gov't institute a 100% estate tax. Sadly I was the only one who challenged him on it.

The point is this is how the far left thinks. They think that the gov't owns everything. You just get to borrow it while you're alive.
 
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#20
#20
ClearwaterVol said:
I have no issues with the estate tax as currently set up. I am of the opinion that we need less internet stars who have done nothing but inherit generational wealth.
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As a Cincinnati Bengal fan, I really hate the fact that folks own and run my hometown team just because their ancestor was a football genius, Paul Brown. I get your point but I have a really hard time with the gov't taking money just because someone dies.

Incidentally, were you aware that many countries, including in Scandinavia, have no estate tax? They've found that it just isn't worth it

How high-tax Sweden abolished its disastrous inheritance tax — Institute of Economic Affairs.
 
#23
#23
hog88 said:
Estate planners will be in high demand.
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And it would be a windfall for the Life Insurance business. Until the government thieves decide to tax the benefits. However that industry has a strong lobby that keeps elected officials wealthy with “campaign” donations.
 
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