sc ks | deereman7 - 1/17/2021 16:59
I've been talking to my lawyer. He is insisting using a c corp to pass my farm on with no/little taxes. Now trouble is c corp is hard to disolve, and if disolved they will pay a lot of taxes if my kids decide to sell. Anyone else tried that?
That's prob only best if the land never sells. It would be expensed at purchase which sounds great but it will be INCOME when sold. If corp tax rates stay at 21%, that might still be a good deal, but I bet it would then be taxed again (at their personal tax rate) if the shareholders try to get the post-corp-tax remnants of the proceeds out of the corp and into their name. The best way looks to go back in time and die in December of 2020. |
Land trust
