Mr. and Mrs. Berry are equal partners in a family partnership. Mr. and Mrs. Berrys marginal tax
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Mr. and Mrs. Berry are equal partners in a family partnership. Mr. and Mrs. Berry’s marginal tax rate is 35%. Next year, the partnership is expected to generate $600,000 of ordinary income. The Berry’s are considering transferring 20% interests in the partnership to each of their two children. Their daughter, Straw, has a 12% marginal tax rate. Their son, Rasp, has a 22% marginal tax rate. Calculate the expected annual tax savings to the family from the proposed transfer of partnership interests.
Related Book For
Essentials Of Federal Taxation 2019
ISBN: 9781260190045
10th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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