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- Title
THE CRITICAL ROLES OF INCOME, GIFT, AND ESTATE TAXATION IN CHOOSING OPTIMAL INTERGENERATIONAL TRANSFER STRATEGIES FOR FAMILY FARM ASSETS.
- Authors
Rosacker, Robert E.; Rosacker, Kirsten M.
- Abstract
This study extends the work of Rosacker, Rosacker, and Fingland (2023) which considered critical tax issues surrounding preservation of the family farm. The prior effort used a single portfolio of transferred assets to evaluate the tax impacts associated with four intergenerational planning scenarios across a comprehensive set of capital gain and ordinary income tax brackets. For the present effort, the configuration of the portfolio of transferred assets is adjusted across a range of asset compositions placing a lesser or greater emphasis on capital gain versus ordinary income attributes for each of the parties. In this manner, a more exhaustive set of potential tax circumstances is subjected to consideration. The author's primary goal and objective is to ensure that clear and understandable advice can be offered to parties interested in minimizing aggregate tax payments as they plan, design, and ultimately enter into intergenerational property transfers. Many of the available alternatives can and should be avoided. However, far too often their punitive impacts are not given adequate and informed consideration by the parties to the transactions and the tax advisors upon whom they rely. The highest level of professional guidance in this arena is necessary to proactively support the U.S. government long-standing and often stated imperative of perpetuating a solid family farm presence in our economy
- Subjects
INCOME; RURAL families; FAMILY farms; CAPITAL gains; OPTIMAL taxation; PRESERVATION of farms; INCOME tax
- Publication
International Journal of Accounting, Economics & Finance Perspectives, 2023, Vol 3, Issue 1, p62
- ISSN
2771-9162
- Publication type
Article