PHCP Chooses Candidate Charities
October 1, 2003The next time you come across a really effective, efficient and innovative charity, what kind of work will it be doing? Here are some possibilities: Sending medical teams led by former military doctors into strife-torn areas such as the Burmese jungle and the Afghan desert, where no other medical care is available. Returning wolves to parts of their former range in the western United States. Converting old school buses to …
Recent Valuation Cases Involving FLPs Bring Mixed Results
October 1, 2003In recent years, the Internal Revenue Service has attacked the use of pass-through entities, such as family limited partnerships (FLPs) and limited liability companies (LLCs), as a method of family wealth transfer and preservation. A common technique is to establish an FLP and contribute marketable securities and real estate to it. Then, gifts of minority partnership interests are made to younger generations, claiming valuation discounts on the gift or estate …
New Tax Law Offers Possibilities For Planning
October 1, 2003Though President Bush at one point referred to the Jobs and Growth Tax Relief Reconciliation Act of 2003 as “an itty bitty tax cut,” the new law contains more than $330 billion in cuts. With proper planning and a little luck, both individuals and small businesses can realize meaningful tax savings. For many of the changes affecting individuals, a person either qualifies or does not. These include the child credit …
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