Description
Income Tax Planning for Estate Planners for Closely Held Business Entities with or Without Changes in the Tax Law
We will review the annual tax burden on distributions from C corporations of all, half, or none of their income. We will compare the result to the annual income taxation of partnerships and S corporations. This review and comparison will consider tax laws before and after the changes proposed or enacted in 2021. Then, subject to any changes in our priorities prompted by 2021 developments, we will discuss multiplying the benefits of the IRC § 1202 exclusion, tax basis and income shifting between family generations, and using multiple family trusts to maximize income tax benefits.