[Leica] $1,609,000 for a Edward Weston Print

[kcarney1 at cox.net (Ken Carney)]

Actually, a little tax trivia, the federal estate tax repeals in 2010, and
then on 1/1/01 revives to its state in 2001.  Sure it will.  But, in the
meantime, there's nothing wrong with having an extra freezer or two on hand,
just in case that's the way it really works out (say, I haven't seen your
uncle Bud for about a year now...how is the old coot?).  The IRS has laid
off about half of its estate and gift tax agents, for the reasons you
mention.

Ken

> -----Original Message-----
> From: lug-bounces+kcarney1=cox.net@leica-users.org [mailto:lug-
> bounces+kcarney1=cox.net@leica-users.org] On Behalf Of Frank Filippone
> Sent: Wednesday, April 09, 2008 9:48 AM
> To: 'Leica Users Group'
> Subject: RE: [Leica] $1,609,000 for a Edward Weston Print
> 
> Live until 2011 and then die..... no limitation on the Estate to be free
> of
> estate taxes...but ONLY in 2011
> 
> Unless the Laws change......
> 
> BTW, did you know that only 40,000 deaths a year result in any Estate tax
> actually being paid?
> I suspect that  the overhead of the expense of trying to avoid, legally,
> plus the IRS cost of collection, enforcement, and legal challenge far
> exceeds the revenue collected.  In California, they got rid of it.....
> probably precisely for the reasons I have given..... it costs more to
> collect than the revenue generated.....
> 
> Frank Filippone
> red735i@earthlink.net
> 
> 
> 
> For a person dying during 2006, 2007, or 2008, the "applicable exclusion
> amount" is $2,000,000, so if the sum of the taxable estate plus the
> "adjusted taxable gifts" made during lifetime equals $2,000,000 or less,
> there is no federal estate tax to pay.
> 
> 
> 
> 
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