Sorry to break in with a post on taxes. Taxation is the practice of law, not of accounting, but accountants do practice it.
The recently passed tax bill contains a provision for reinstating a tax on estates transfers upon death, effective January 1, 2011. This tax had expired for the 2010 tax year.
If you want escape this new federal tax, you must die by 11:50 p.m., December 31, 2010.
It is rumored that some wealthy individuals who are in failing health, are considering suicide so as to qualify for estate taxation under 2010 rules. Some hints if you are one of these unlucky citizens.
- Don’t ask one of your heirs to assist you in your demise. They should be prosecutable under a myriad of statutes.
- Be aware that suicide might be ruled as attempted tax fraud, and your estate might be taxed anyway. Bummer, not being able to escape either death or taxes.
Debit and credit – – David Albrecht