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Georgia state tax

The Taxpayer Relief Act of 1997 increases the unified credit amount on a graduated increasing scale which culminates to $1,000,000 by 2006. georgia state tax Georgia state tax. The specific graduated increasing scale is as follows:YEAR199819992000-20012002-2003200420052006 and beyondUNIFIED CREDITEQUIV EXCLUSION$ 625,000$ 650,000$ 675,000$ 700,000$ 850,000$ 950,000$1,000,000III. SMALL BUSINESS/FARM EXCLUSIONA new estate tax exclusion for owners of small businesses and family farms sets forth that if an individual dies after 1997 and more than 50% of the value of a decedent''s estate is a qualified family owned farm or business, the personal representative may chose to eliminate the value of the farm or business from the decedent''s estate for estate tax purposes. However, the eliminated value may not exceed $1,300,000. georgia state tax Australian tax office. Following is an example of this exclusion. In 1998, Sheila dies owning a business interest worth $2. 5 million. georgia state tax Louisiana state tax forms. Assume the interest qualifies for the small business exclusion and Sheila''s full unified credit is available. Sheila''s personal representative may exclude $1,300,000 of the business interest''s value from her gross estate (i. e. , the $625,000 exclusion equivalent of the unified credit plus a $675,000 small business exclusion). The following requirements must be met in order to qualify as a family owned business or farm: The interest would have to be a trade or business (regardless of the form in which it is held) with a principal place of business in the U. S. Ownership would have to be concentrated at least 50% in the hands of one family (as defined in the law), 70% in the hands of two families, or 90% in the hands of three families (as long as the decedent''s family owns at least 30%). A business interest doesn''t qualify if the business'' stock or securities have been publicly traded within three years of the decedent''s death. The decedent (or a member of the decedent''s family) must have owned and materially participated in the trade or business for at least five of the eight years before the decedent''s death. Each qualified heir is required to meet similar participation requirements after the decedent''s death. The benefit of the exclusion is subject to recapture if certain requirements are not met during the ten years after the decedent dies. IV. ADJUSTMENT FOR GIFT-TAX ANNUAL EXCLUSION, ETC. Since 1981, the annual gift tax exclusion has been $10,000. An individual may make a gift of $10,000 to any number of persons each year without having to pay a gift tax on that amount. By way of example, a parent could give each of his four children $10,000 for four years without paying any gift tax on the total $160,000 which had been gifted. The Taxpayer Relief Act of 1997 allows the $10,000 annual exclusion to be adjusted according to inflation. The new law also allows adjustments for inflation for many other transfer tax matters. Note: This article is intended for general information only.

Georgia state tax



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