Federal Gift and Estate Tax Summary The unified tax on transfers has three parts: gift tax (for transfers made during life), estate tax (for transfers made at death) and generation-skipping tax (for transfers that skip a generation). The gift and estate taxes are imposed on an individual for gifts during life and on his or…
There are four types of partnership in Pennsylvania: • General Partnerships • Limited partnerships • Electing Partnerships • Registered Limited Liability Partnerships. I will discuss only some of these here. The two basic types of partnerships are general partnerships and limited partnerships. A general partnership has only general partners, all of whom are liable for…
Partnership: An introduction to this form of doing business A partnership is an association of two or more persons to carry on as co-owners a business for profit. A partnership with only one person is a proprietorship. In order to have a partnership, there must be an agreement among the partners. This agreement may be…
Federal Gift and Estate Tax Summary: generation skipping, gifts to spouse, transfers before death The tax at death and the tax on transfers that skip a generation were repealed and then reinstated. The gift tax was not repealed. All these taxes are now in effect. The top gift rates for transfers during life, the estate…
The unified tax on transfers has three parts: gift tax (for transfers made during life), estate tax (for transfers made at death) and generation-skipping tax (for transfers that skip a generation). The gift and estate taxes are imposed on an individual for gifts during life and on his or her estate for transfers at death…
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