Section 6075 - Time for filing estate and gift tax returns

1 Analyses of this statute by attorneys

  1. Tax Planning for Business Owners Who Shortchange Themselves

    Rivkin Radler LLPLouis VlahosJune 6, 2023

    n otherwise.The opinions expressed herein are solely those of the author(s) and do not necessarily represent the views of the Firm. Thereby removing such equity, together with its future appreciation and distributions, from the owner’s gross estate. IRC Sec. 2010 and Sec. 2505. Not this Congress. As we have discussed elsewhere, the experience with the Biden Administration’s Build Back Better plan was a close call. But for two “rogue” Democrats in the Senate – Manchin and Sinema (the former has been somewhat marginalized, while the latter has become an Independent) – the tax world would have changed drastically.As it is, the Administration has been trying to accomplish through the promulgation of IRS regulations that which it could not do legislatively. That said, the Supreme Court may be overturning the Chevron doctrine shortly, thereby foreclosing much of this regulatory activity. The combined federal and New York estate tax rate is almost 50 percent. The due date for the estate tax. IRC Sec. 6075. Over a maximum of 14 years. IRC Sec. 6166. I know, the idiom states that one must not lose sight of the forest for the trees, meaning one must not become so immersed in the details of a problem that they fail to see the larger picture of which the problem is just one part. Right?Besides, this is my post, so I can try to be poetic or philosophical if I care to. When was the last time you saw a business compensate its owner for guaranteeing the debt or other obligations of the business? We’ve probably discussed this item ad nauseum. How often is the “loan” merely recorded as such on the business’s books, without being evidenced by a written agreement or promissory note, without any formal authorization by the business, without any terms such as a maturity date and an interest rate, and without any payments or collateral? The examples are too numerous to mention, but I recently heard, anecdotally, about a construction company that expensed the cost of building a personal residence for i